According to the Bloomberg Billionaires Index, the three individuals with the largest net worth increases in the cryptocurrency sector in 2024 are Zhao Changpeng of Binance Holdings, Brian Armstrong of Coinbase, and Giancarlo Devasini of Tether. Here are the specific introductions:
Zhao Changpeng
• Personal Profile: Born in 1977 in Lianyungang, Jiangsu Province, a Canadian-Chinese entrepreneur, founder of the cryptocurrency exchange Binance, established the cryptocurrency trading platform Binance in 2017 and serves as CEO.
• Net Worth Growth: Annual wealth increase of $20.7 billion, net worth reached $55 billion, ranking 24th among the world's richest.
• Reason for Growth: Binance is the world's largest cryptocurrency exchange by trading volume, and Zhao Changpeng holds 90% of its shares. The overall strong growth of the cryptocurrency market in 2024 and the significant rise in Bitcoin prices contributed to the growth of Binance's business and profits, resulting in a notable increase in Zhao Changpeng's wealth.
Brian Armstrong
• Personal Profile: Born in 1983 in San Jose, California, co-founded Coinbase in 2012 with Fred Ehrsam to enable customers to purchase cryptocurrencies using bank accounts.
• Net Worth Growth: Wealth increased by $3.9 billion, total assets reached $11.1 billion.
• Reason for Growth: Coinbase, as the largest cryptocurrency exchange in the United States, saw a significant rise in its stock price in 2024, with an increase of over 40%, about half of which occurred after election day. Additionally, the overall boom in the cryptocurrency market increased Coinbase's trading volume and profits, leading to a substantial increase in Armstrong's wealth as the company’s CEO and a significant shareholder.
Giancarlo Devasini
• Personal Profile: Chief Financial Officer and largest shareholder of the cryptocurrency giant Tether.
• Net Worth Growth: Wealth increased by $3.62 billion, total assets exceeded $8.2 billion.
• Reason for Growth: Tether is the world’s largest stablecoin issuer, with a market capitalization of nearly $138 billion for its stablecoin USDT. With the overall growth of the cryptocurrency market, the demand for stablecoins also increased correspondingly, potentially enhancing Tether's business scale and profits, leading to a significant increase in Devasini's wealth as CFO and the largest shareholder.
