Crypto suffered a lot due to regulatory overreach in the US. However, the scene changed after Trump’s win. Since then, the crypto industry has grown to a $1 trillion valuation.
But the story doesn’t end there. The 2024 U.S. elections have set off a chain reaction, bringing unexpected financial gains for some of crypto’s biggest leaders and firms.
So, what does this mean for the future of crypto? Keep reading to find out
According to a Coindesk report, prominent figures like Coinbase CEO Brian Armstrong, Ripple CEO Brad Garlinghouse, and Andreessen Horowitz (a16z) founders Mark Andreessen and Ben Horowitz have seen their wealth hit new highs after the elections. Their gains have helped energize a market that had been relatively stagnant.
It’s not just the political figures who are benefiting. Major investors like MicroStrategy hold $44 billion worth of Bitcoin, while Elon Musk spent $200 million supporting Trump’s campaign. Since Election Day, Musk’s net worth has risen by $70 billion, giving him a jaw-dropping 34,900% return on his investment.
As 2024 comes to a close, the crypto market is looking strong, with many hoping that 2025 will bring even more changes and opportunities for the industry.
Coinbase CEO Brian Armstrong has seen massive growth in his wealth. His company’s market value surged by $21 billion, and Armstrong’s personal stake in Coinbase increased by nearly $2 billion, now valued at $6.4 billion. His stock sales following the elections earned him $129 million.
Coinbase has also made major political donations, pledging $74 million to various causes, including a $25 million contribution to the super PAC Fairshake, which aligned with the company’s political influence.
Ripple CEO Brad Garlinghouse has also seen substantial gains. XRP’s price jumped from $0.50 to $2.32 after the elections, boosting Ripple’s market cap and pushing XRP to third place among digital assets. This 54.7% increase in just a month has greatly benefited Garlinghouse. Ripple also donated $73 million to political causes to support Trump’s agenda.
Garlinghouse’s wealth has soared, with his XRP holdings now worth three times as much as before. His stake in Ripple, estimated at over 6%, plus his undisclosed XRP assets, places him among the wealthiest U.S. billionaires.
Mark Andreessen and Ben Horowitz, co-founders of Andreessen Horowitz, also saw significant returns from their investments in crypto companies. Their $70 million in political donations now seem small compared to the massive success they’ve achieved in the crypto space, solidifying their strong position in the industry.
Bitcoin has struggled to reach the $100,000 mark after a recent market crash. However, the cryptocurrency has gained 43% since Election Day, adding nearly $600 billion to its market cap. Currently trading at $98,000, Bitcoin’s year-to-date gains have traders debating whether to hold, buy, or sell in the weeks to come.
As 2024 wraps up, the crypto world stands on the cusp of even greater opportunities—an exciting time for investors, innovators, and anyone watching the space closely.
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