Cryptocurrency has suffered significant losses due to excessive regulatory intervention in the U.S. However, the landscape has changed following Trump's victory. Since then, the cryptocurrency industry has grown to a valuation of $1 trillion.
But the story doesn't end there. The 2024 U.S. election triggered a ripple effect, bringing unexpected financial gains to some of the largest companies and cryptocurrency leaders.
Major cryptocurrency leaders witness record asset increases
According to a report from Coindesk, prominent figures such as Coinbase CEO Brian Armstrong, Ripple CEO Brad Garlinghouse, and Andreessen Horowitz (a16z) founders Mark Andreessen and Ben Horowitz have seen their fortunes reach new heights after the election. Their gains have energized a relatively stagnant capital market.
Not only political figures benefited. Major investors like MicroStrategy hold $44 billion in Bitcoin, while Elon Musk spent $200 million to support Trump's campaign. Since Election Day, Musk's net worth has increased by $70 billion, yielding him an astonishing 34,900% return on his investment.
As 2024 comes to a close, the cryptocurrency market appears to be thriving, with many hopes that 2025 will bring even more changes and opportunities for the industry.
The tremendous achievements of Brian Armstrong
Coinbase CEO Brian Armstrong has seen significant growth in his assets. His company's market value surged by $21 billion, and Armstrong's personal stake in Coinbase has increased by nearly $2 billion, now valued at $6.4 billion. His stock sales after the election brought him $129 million.
Coinbase has also made significant political donations, committing $74 million to various causes, including a $25 million contribution to the super PAC Fairshake, aligning with the company's political influence.
Ripple CEO Brad Garlinghouse benefited from the price surge of XRP
Ripple CEO Brad Garlinghouse has also witnessed significant gains. The price of XRP rose from $0.50 to $2.32 after the election, boosting Ripple's market capitalization and placing XRP as the third among digital assets. This 54.7% increase within a month has greatly benefited Garlinghouse. Ripple has also donated $73 million for political purposes to support Trump's agenda.
Garlinghouse's assets have soared, with his XRP holdings now worth three times what they were before. His stake in Ripple, estimated at over 6%, along with his undisclosed XRP assets, makes him one of the wealthiest billionaires in the United States.
Andreessen Horowitz reaps the rewards
Mark Andreessen and Ben Horowitz, co-founders of Andreessen Horowitz, have also seen substantial returns from their investment in cryptocurrency companies. Their $70 million political donation now seems small compared to the tremendous success they have achieved in the cryptocurrency space, solidifying their strong position in the industry.
Bitcoin price outlook
Bitcoin has struggled to reach the $100,000 mark after a recent market crash. However, this cryptocurrency has risen 43% since Election Day, adding nearly $600 billion to its market capitalization. Currently trading at $98,000, Bitcoin's year-to-date increase has traders debating whether to hold, buy, or sell in the coming weeks.
As 2024 comes to a close, the cryptocurrency world is facing even greater opportunities—a thrilling time for investors, innovators, and anyone closely monitoring the field.