The cryptocurrency market has been hit hard due to excessive U.S. regulation. However, things changed after Trump's victory. Since then, the valuation of the cryptocurrency industry has grown to $1 trillion.
But the story doesn't end there. The 2024 U.S. elections triggered a chain reaction, bringing unexpected economic benefits to some of the biggest leaders and companies in the cryptocurrency space.
So what does this mean for the future of cryptocurrency? Read on to find out.
Record wealth growth among major cryptocurrency leaders
According to Coindesk, the wealth of notable figures such as Coinbase CEO Brian Armstrong, Ripple CEO Brad Garlinghouse, and Andreessen Horowitz (a16z) founders Mark Andreessen and Ben Horowitz reached new heights post-election, injecting vitality into a market that was relatively stagnant.
It's not just political figures who benefit. 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 increased by $70 billion, with an astonishing investment return of 34,900%.
As 2024 comes to a close, the crypto market is performing strongly, and many hope that 2025 will bring more changes and opportunities for the industry.
Brian Armstrong's huge windfall
Coinbase CEO Brian Armstrong's wealth has surged significantly. His company's market value skyrocketed by $21 billion, and Armstrong's personal holdings in Coinbase increased by nearly $2 billion, currently valued at $6.4 billion. His post-election stock sales netted him $129 million.
Coinbase also made significant political donations, pledging $74 million to various causes, including a $25 million donation to the super PAC Fairshake, aligning with the company's political influence.
Ripple CEO Brad Garlinghouse benefits from XRP surge
Ripple CEO Brad Garlinghouse also saw substantial gains. The price of XRP surged from $0.50 to $2.32 after the election, boosting Ripple's market cap and pushing XRP to third place among digital assets. A 54.7% increase within a month has greatly benefited Garlinghouse. Ripple also donated $73 million to political causes to support Trump's agenda.
Garlinghouse's wealth has surged, with his XRP holdings now worth three times their previous value. His estimated stake in Ripple exceeds 6%, combined with his undisclosed XRP assets, making him one of the richest billionaires in the U.S.
Andreesen Horowitz reaps rewards
Andreessen Horowitz co-founders Mark Andreessen and Ben Horowitz also enjoyed substantial returns from their investments in crypto companies. Compared to their tremendous success in the cryptocurrency space, their $70 million in political donations now seems trivial, solidifying their strong position in the industry.
Bitcoin price outlook
After the recent market crash, Bitcoin has struggled to reach the $100,000 mark. However, since election day, the cryptocurrency has risen by 43%, with its market cap increasing by nearly $600 billion. Bitcoin's current trading price is $98,000, and the year's gains have traders debating whether to hold, buy, or sell in the coming weeks.
With the end of 2024 approaching, the crypto world is facing greater opportunities—this is an exciting time for investors, innovators, and anyone closely following the field.