Two of the crypto tycoons saw their wealth swell following Donald Trump’s recent election victory. The former president’s win has sparked optimism for relaxed regulations, driving surges in major digital assets and considerable gains among industry leaders.
Binance’s Changpeng Zhao Nets $12 Billion Boost
Changpeng Zhao, often referred to as “CZ,” enjoyed a staggering $12 billion gain on Wednesday as Binance shares soared. The former Binance CEO, who owns about 90% of the world’s largest crypto exchange, saw his net worth increase by 30%, reaching approximately $53 billion, securing him 25th place on the Bloomberg Billionaires Index. Zhao, who stepped down as Binance’s CEO in 2023 following anti-money laundering allegations, trails only Elon Musk in daily earnings, with Musk’s net worth surging by $26.5 billion.
Coinbase’s Brian Armstrong Rides the Wave
Coinbase co-founder and CEO Brian Armstrong witnessed his net worth increase by roughly $2.6 billion, hitting an estimated $11 billion. This 30% rise reflects Coinbase’s steady growth and the broader confidence among investors that Trump’s administration will adopt a friendlier stance on digital assets.
Bitcoin surged to a new peak of $75,000 amid growing optimism for lighter regulatory measures under Trump’s leadership. Ethereum, Solana, Ripple, and Dogecoin also registered significant gains, reflecting wider enthusiasm for cryptocurrency’s potential under the new administration.
Market Cheers Trump’s Victory with Broad Wealth Gains
Trump’s decisive win over Democratic opponent Kamala Harris has lifted the financial markets. The day’s gains added $70 billion to the collective net worth of the world’s wealthiest, with Musk, Oracle’s Larry Ellison, Berkshire Hathaway’s Warren Buffett, and Amazon’s Jeff Bezos benefiting most. While most of the top 12 billionaires saw record wealth growth, Bernard Arnault of LVMH remains an exception, with losses attributed to the recent luxury market slowdown.
