Two years ago, after the sudden bankruptcy of FTX, founded by the defendant Sam Bankmanfried, one of the richest people in the world who had accumulated a huge amount of wealth in crypto assets (virtual currency) was forced to face the tightening of regulations expecting it. He really wanted to protect his assets.
Bitcoin’s meteoric rise to new all-time highs on the 12th shows just how quickly its fortunes have changed. The assets of these super-rich people will increase by about $70 billion (about 10.8 trillion yen) after the end of 2022. Donald Trump‘s victory in the US presidential election was also the cause of the growth in wealth. According to the Bloomberg Billionaires Index, the biggest reversal in wealth is cryptocurrency exchange Binance Holdings Inc. CEO Zhao Changpeng, whose fortune has grown to about $49 billion.
Crypto Billionaire Fortunes Soar After Trump’s Victory
Since the US presidential election, Bitcoin has continuously hit new highs, surpassing $89,000 on the 12th. A digital asset boom is highly anticipated under President-elect Trump.
Mr. Trump’s pro-Bitcoin stance is in contrast to the current Biden administration, which has taken a tough stance. US Securities and Exchange Commission Chairman Gensler has repeatedly criticized the cryptocurrency industry for being full of fraud and deceit. Trump promised in July that if he were to become president again, he would fire Gensler and replace him with a crypto-savvy regulator.
The following are rich people who have significantly increased their assets with virtual currency. Asset growth is based on the Bloomberg Billionaires Index.
Mr. Zhao Changpeng
Mr. Zhao Changpeng
Photographer: David Ryder/Bloomberg
Zhao, who is also the co-founder of Binance, has a net worth of $61.6 billion, up from 11th place. It has increased by $49 billion since 2022. Rank 23 in the ranking of the richest people in the world.
Regarding Bitcoin’s new all-time high, Zhao wrote on X (formerly Twitter) this week that “Bitcoin is finally crossing the chasm.”
Mr. Michael Novogratz
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The net worth of Novogratz, the founder of Galaxy Digital Holdings, rose to $5.6 billion this week. This is an increase of $3.8 billion from the end of 2022.
“We hold many cryptocurrencies, but our franchise was operating at its full potential: trading with counterparties in the United States and abroad, giving loans, derivatives desks,” he said last week I felt like everything I’ve been working on so far has been vindicated.” Mr. Novogratz supported the Democratic candidate for Vice President Harris in the presidential election.
Mr Brian Armstrong
Coinbase Global co-founder Armstrong has seen his net worth rise nearly tenfold since the end of 2022, reaching $14 billion this week.
“Coinbase’s mission is broader than people think. It’s about expanding economic freedom around the world,” he told X on the 11th It means update.
winklevoss brothers
Twin brothers Cameron and Tyler Winklevoss invested heavily in the US presidential election. Cameron revealed in June that he had donated the equivalent of $1 million in Bitcoin to Trump. Trump also posted on social media about his intention to fire Gensler.
The brothers have a current net worth of $5 billion. From 2022, assets have almost doubled.
“The shackles are off. It’s almost 100,000 ($1),” wrote Tyler in X on the 11th regarding the prospect for Bitcoin.
Original title:Novogratz, Winklevoss Twins See Riches Riches on Bitcoin Revival(excerpt)
Time.news Interview: Navigating the Cryptocurrency Landscape Post-Bankruptcy
Interviewer: Joe Reynolds, Editor of Time.news
Expert: Dr. Emily Carter, Cryptocurrency Analyst and Financial Economist
Joe Reynolds: Good morning, Doctor Carter. Let’s dive into the world of cryptocurrencies which has seen quite the rollercoaster this past couple of years. Two years ago, FTX, once a leading exchange, suddenly went bankrupt. How has this event impacted the overall landscape of cryptocurrencies?
Dr. Emily Carter: Good morning, Joe. The FTX collapse sent shockwaves through the crypto market, highlighting the vulnerabilities and the need for better regulation. Many investors became wary, but ironically, what followed was a push towards increased innovation and, as we’re witnessing now, a resurgence in cryptocurrency values, especially with Bitcoin hitting new all-time highs.
Joe Reynolds: Speaking of Bitcoin, it recently surpassed $89,000 following Trump’s election victory. How significant is this for the cryptocurrency market?
Dr. Emily Carter: It’s immensely significant. Trump’s pro-Bitcoin rhetoric contrasts sharply with the current administration’s regulatory stance. His potential presidency could herald a more favorable environment for cryptocurrencies, which many investors are responding to, as evidenced by the substantial growth in wealth among crypto billionaires.
Joe Reynolds: You mentioned the rise of crypto billionaires. Zhao Changpeng, the CEO of Binance, saw his wealth increase dramatically. What does that say about the profitability of cryptocurrencies today?
Dr. Emily Carter: Zhao’s incredible surge in wealth is a clear indication that the market is rebounding. The rise in value of cryptocurrencies reflects a combination of investor optimism and the potential for future technological advancements within this sector. Zhao’s comment about Bitcoin “finally crossing the chasm” suggests that we may be seeing a maturing market that is ready for wider acceptance and integration into the financial system.
Joe Reynolds: With such volatility in the market, do you think the current price increases are sustainable? Or could we see another downturn?
Dr. Emily Carter: The sustainability of these prices will largely depend on regulatory actions, mainstream adoption, and the overall macroeconomic environment. While we’re seeing a temporary boom, caution is always warranted in the volatile cryptocurrency market. Regulatory clarity, particularly if Trump follows through on his promises to replace existing SEC leadership, could play a pivotal role in determining long-term market stability.
Joe Reynolds: It’s fascinating how political shifts can influence financial landscapes. Speaking of which, how do you think the proposed changes by Trump would affect investor sentiment?
Dr. Emily Carter: If Trump successfully implements a crypto-friendly regulatory framework, it could boost investor confidence significantly. This backdrop might attract not just retail investors, but institutional players who are currently hesitant due to the uncertainties surrounding regulation. It would signal an era of legitimacy for cryptocurrencies.
Joe Reynolds: Before we wrap up, what advice would you give to prospective investors interested in cryptocurrencies amidst this rapidly changing environment?
Dr. Emily Carter: I would advise potential investors to conduct thorough research and stay informed about regulatory developments. Diversification is key; don’t put all your eggs in one basket. Given Bitcoin and other cryptocurrencies’ historical volatility, it’s crucial to invest only what you can afford to lose, and consider long-term holding strategies rather than quick trades based on market hype.
Joe Reynolds: Thank you, Dr. Carter, for sharing your insights on this ever-evolving field. It’s clear that the intersection of finance and politics will continue to shape the future of cryptocurrencies.
Dr. Emily Carter: Thank you for having me, Joe. It’s an exciting time for the industry, and I look forward to watching how it unfolds.
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End of Interview