Leading Figures in Cryptocurrency See Massive Wealth Boost After US Election
Following the recent US election, prominent figures in the cryptocurrency world have experienced a significant increase in their wealth, as reported by Coindesk.
CEOs such as Brian Armstrong of Coinbase and Brad Garlinghouse of Ripple have seen substantial financial gains following the election results. Armstrong, for instance, earned an additional $129 million from stock sales, with Coinbase’s market value surging by $21 billion. Armstrong’s stake in Coinbase has risen by nearly $2 billion, bringing its total value to $6.4 billion.
In a notable move, Coinbase made a political contribution of $74 million to various political action committees (PACs) to support the election. Armstrong’s stock sales were part of his diversification strategy to maintain control over his company.
Garlinghouse of Ripple witnessed even more remarkable gains as the value of XRP, the company’s native token, skyrocketed from $0.50 to $2.32 post-election. This surge propelled XRP’s market cap by 54.7% over the past 30 days, securing its position as the third-largest digital asset. Garlinghouse, who owns over 6% of Ripple and a significant amount of XRP, has seen the value of his holdings triple since the election.
“The crypto market has increased by over $1 trillion since Trump’s victory – that’s the impact of Gensler’s influence on the market, even before officially taking office,” remarked Garlinghouse to Coindesk. While Ripple Labs’ private valuation was estimated at around $11 billion earlier this year, the election has likely boosted the value of Garlinghouse’s stake, leading to a surge in his personal wealth.
Furthermore, major investors in cryptocurrency firms such as Andreessen Horowitz (A16Z) have also reaped significant gains, surpassing their election-related investments. Both Ripple and A16Z donated tens of millions to political causes, with Ripple contributing $73 million and A16Z $70 million.