The post Crypto Billionaires’ Fortunes Surge By $70B Driven By BTC’s Post-Election Rally appeared first on Coinpedia Fintech News
In the aftermath of a Trump victory, Bitcoin has been skyrocketing and is now trading very close to $89,000. However, Bitcoin is not the only gainer in this post-election rally. Altcoins have also shown a remarkable surge. According to the latest Bloomberg report, the wealth of crypto billionaires has also gained enormous gains propelled by a Trump win.
Crypto Billionaires Wealth Sees Massive Surge
The crypto billionaires’ fortunes have soared after Trump’s win. The richest digital asset magnates have gained about a massive $70 billion in wealth since the end of 2022. Notably, the former Binane CEO, Changpeng Zhao led the list as his wealth surged by about $49 billion as per data from the Bloomberg Billionaires Index.
Bitcoin has surged to its all-time high as it topped $89,000 on Tuesday amidst expectations of a crypto-friendly administration. Altcoins, crypto-related stocks, crypto exchanges, and miners have also been riding the bullish wave.
Trump’s pro-crypto stance contrasts with a crackdown on digital assets under President Biden. Trump had also promised to fire Gensler on his first day in office and pick crypto-friendly regulators if elected.
The Top Crypto Gainers
As of November 11, Changing Zhao has a fortune of $61.6 billion, that is up by a massive $49 billion since 2022. Notably, he’s the world’s 23rd richest person. Binance’s former CEO went to prison after he pleaded guilty to failing to implement an adequate anti-money laundering program at the exchange.
Michael Novogratz, the founder of Galaxy Digital Holdings Ltd. saw his net worth jump to $5.6 billion this week, up $3.8 billion from the end of 2022. Remarkably, his digital asset firm recorded its largest trading day of the year on Nov. 6.
Brian Armstrong’s net worth increased nearly tenfold since the end of 2022 to $14 billion this week. In the latest X post, he stated that Coinbase’s mission is broader than most people think, which is to increase economic freedom in the world. He implied that this means using crypto to update the financial system. “But sometimes, it also means pushing back on bad government,” he shared.
The Winklevoss twins, the co-founders of crypto exchange Gemini, poured money into the US presidential race. Cameron revealed that he had donated $1 million in Bitcoin to Trump. The twins are now worth $5 billion each, with their wealth almost doubling since 2022.