The post How Donald Trump’s Political Shift Unleashed a $1 Trillion Crypto Boom? appeared first on Coinpedia Fintech News
Crypto suffered a lot due to regulatory overreach in the US while the scene changed after Trump’s win. The crypto industry has gone up since then to $1 Trillion. The recent US elections have brought unexpected financial showdowns for prominent crypto leaders and firms.
Coinbase CEO Brian Armstrong, Ripple CEO Brad Garlinghouse, and Andreessen Horowitz (a16z) founders Mark Andreessen and Ben Horowitz have seen their wealth jumping to a record high post-US elections causing ripples in the earlier stagnant market according to a Coindesk report.
Not only political leaders, but big bulls like Microstrategy also hold Bitcoin worth $44 billion. Elon Musk spent $200 million to elect Donald Trump. His net worth has jumped $70 billion since Election Day. That’s a whopping 34,900% ROI.
The year 2024 is ending on a positive note and we hope that 2025 will also bring new changes to the crypto industry.
Coinbase’s Gains Post-Election
Brian Armstrong, Coinbase’s CEO, has benefited immensely from the election outcomes. His company’s market value has surged by $21 billion, and his personal stake in Coinbase grew by nearly $2 billion, now valued at $6.4 billion. Armstrong’s stock sales following the election netted him $129 million. Coinbase had earlier pledged $74 million to political causes, including $25 million to the super PAC Fairshake, aligning its influence with political outcomes.
Armstrong clarified that his stock sales were part of their diversification plan, which helped him to invest in high-risk assets while retaining a significant majority of his Coinbase holdings.
Ripple’s XRP and Brad Garlinghouse’s Wealth Boost
Ripple CEO Brad Garlinghouse also reaped good profit as XRP’s price jumped from $0.50 to $2.32 post-election. This surge gave an instant boost to XRP’s market cap leading it to third place among digital assets, with a 54.7% increase in the past month. Moreover, to support Trump this year Ripple, like Coinbase, donated heavily to political causes, contributing $73 million. Garlinghouse’s personal wealth has soared, with his XRP holdings tripling in value. His stake in Ripple, estimated at over 6%, and his undisclosed XRP assets have positioned him among the wealthiest U.S. billionaires.
a16z’s Strategic Moves
Moving on to Andreessen Horowitz, a major player in crypto investments, also saw significant returns. Mark Andreessen and Ben Horowitz’s stakes in various crypto companies have outpaced their $70 million political donations, establishing their strong financial position in the crypto industry.
Bitcoin Price Outlook
However, Bitcoin is struggling to cross the $100K mark again caused by a recent market crash. On the positive side, it has surged 43% since Election Day, adding nearly $600 billion to its market cap. With a 1% drop in Bitcoin at present trading at $98,000. Bitcoin’s year-to-date gains have traders debating whether to hold, buy, or sell in the coming weeks.
