Newspaper (North America) News In 2024, the cryptocurrency market ushered in a historic year, and the wealth of many crypto billionaires achieved significant improvement during this year.
Three cryptocurrency billionaires are set to see their net worth surge in 2024, according to the Bloomberg Billionaires Index: Binance Holdings’ Changpeng Zhao, Coinbase’s Brian Armstrong, and Tether’s Giancarlo Devasini.
The significant growth of the crypto industry in 2024 is mainly due to the following key events:
In January last year, 12 Bitcoin spot ETFs were launched;
In April, Bitcoin ushered in the "halving" event;
The Federal Reserve implemented a rate cut policy;
Donald Trump won the US presidential election.
Trump had been a staunch supporter of cryptocurrencies during his campaign, and his victory sparked a strong market rally in late 2024.
Since the election, the Trump administration has appointed a number of pro-cryptocurrency officials, pushing Bitcoin past the key $100,000 mark for the first time, while other tokens have also risen in price.
The market's enthusiasm has pushed the total market value of cryptocurrencies to $3.3 trillion, almost double last year's market value.
Among the richest people in the crypto industry whose net worth will increase the most in 2024, Changpeng Zhao, the CEO of Binance, stands out.
Annual wealth increase: $20.7 billion
Net worth: $55 billion
With an annual wealth increase of $20.7 billion, Zhao Changpeng’s total assets have reached $55 billion, making him the 24th richest person in the world. His wealth mainly comes from his 90% stake in Binance, the world’s largest cryptocurrency exchange by trading volume, which was founded by Zhao Changpeng in 2017.
It is worth mentioning that Zhao Changpeng resigned as CEO of Binance in 2023 and served four months in prison on anti-money laundering charges and was released in September 2024. According to reports, he is currently actively looking for new investment opportunities.
Brian Armstrong’s wealth has also grown significantly this year as CEO of Coinbase.
Annual wealth gain: $3.9 billion
Net worth: $11.1 billion
Armstrong's wealth has increased by $3.9 billion this year, bringing his total assets to $11.1 billion. Coinbase, the largest cryptocurrency exchange in the United States, has seen a sharp rise in its stock price recently, with an increase of more than 40% in 2024, about half of which occurred after Election Day.
Armstrong, who is expected to own 15% of the company, has donated millions of dollars to political candidates supporting cryptocurrencies through Fairshake, a pro-cryptocurrency political action committee, according to filings earlier this year. He has also pledged an additional $25 million to a super PAC for the 2026 midterm elections, bringing the total cryptocurrency donations to $70.5 million during the election cycle.
Giancarlo Devasini, the chief financial officer and largest shareholder of crypto giant Tether, has also seen a significant increase in his wealth this year.
Annual wealth increase: $3.62 billion
Net worth: $8.25 billion
Devashini's wealth has increased by $3.62 billion this year, with total assets exceeding $8.2 billion. Tether is the world's largest stablecoin issuer, with its stablecoin USDT having a market value of nearly $138 billion (according to CoinMarketCap data). Stablecoins are crypto tokens whose value is pegged to a fiat currency and closely tracks its fluctuations.
To sum up, 2024 is a landmark year for the cryptocurrency market, with the wealth of several billionaires achieving significant growth during the year.