Coinbase CEO Brian Armstrong is among four crypto moguls whose combined personal fortunes grew almost overnight following the election win of pro-crypto President-Elect Donald Trump.
According to media reports, at least four crypto moguls from companies that donated a river of money that flooded the U.S. political campaigns have already benefited following the outcome of last month’s elections. The outcome has reportedly increased their fortunes by billions of dollars and outpaced the money they spent supporting their crypto-friendly candidates.
Brian Armstrong Spent a Fortune on Supporting Candidates
Fairshake reports that Coinbase CEO Brian Armstrong and his crypto exchange, who poured at least $74 million into the campaigns, leads a group of four crypto moguls who have reaped bountifully. According to the records, Coinbase is up at least $2 billion, with Brian Armstrong himself raking in at least $129 million.
That’s an especially significant amount of money from a company that booked about $95 million in 2023 profits. But the elections went their way, and the company’s share value has ballooned by $21 billion since Nov. 4, the day before in-person voting began and the outcome became clear. Armstrong strategically sold $100 million worth of his personal shares a week before the elections and a week later cashed in $313 million.
Four Crypto Moguls Have Already Reaped Bountifully.
Following President-elect Donald Trump’s election win, Brian Armstrong sold smaller amounts of stocks week after week, worth about $437 million, for a stock worth $308 million just before the November election outcome. The victory of several pro-crypto candidates drove a sentiment that rode on Trump’s campaign pledges to make “America the Bitcoin capital of the world” and helped the cryptocurrency exchange founder and CEO earn a personal fortune of $129 worth of shares he has sold.
During the presidential campaigns in the last elections, Trump deliberately courted crypto cash with a pledge to become a “crypto president” if elected. The President-elect made hefty pledges on whose victory the four crypto moguls are smiling to the bank. As the rest of the crypto industry awaits the fulfilment of the pledges top of which is the building of a strategic bitcoin reserve fund, Brian Armstrong, Ripple Labs CEO Brad Garlinghouse, Mark Andreessen, and Ben Horowitz have already raked in millions of dollars. Garlinghouse reportedly spent $73 million, while Horowitz poured in at least $70 million and other undisclosed amounts.
Executive Orders in the First 100 Days
Advertisement Banner
In addition to the money they have already made, the four crypto moguls are among digital asset industry players who are now pushing for executive orders within the Trump 2.0’s first 100 days in office, with at least one expected to come as early as January 20, 2025. Commenting on the issue, Polygon Labs chief legal and policy officer Rebecca Reting said “Given the tenor of the campaign, it would be imperative for executive orders to set out what the actual priorities will be on day one and provide some kind of roadmap.”
Conclusion
This was the first time in the history of American politics for a relatively new industry to pump in so much money as the crypto industry did during the 2024 presidential elections. While Brian Armstrong and his group of four crypto moguls reap bountifully from their stake during the just-concluded elections, the over 17 million Americans who reportedly own crypto will be looking forward to knowing how they will individually harness personal fortunes in the emerging crypto industry.
While Bitcoin has already hit record highs of over $108,000, it remains to be seen whether Trump’s administration will eventually craft regulation to give crypto the legitimacy it so much craves.
Stay tuned to The BIT Journal and keep an eye on Crypto’s updates. Follow us on Twitter and LinkedIn, and join our Telegram channel to be instantly informed about breaking news!
Frequently Asked Questions (FAQs)
Who are the crypto industry leaders who have made fortunes following Trump’s election win?
They include Brian Armstrong, Brad Garlinghouse, Changpeng Zhao, Mark Andreessen and Ben Horowitz among others.
What pledges did Donald Trump make to the crypto industry if elected president?
Donald Trump pledged to make the USA the crypto capital of the world by facilitating the creation of a Bitcoin reserve fund, the making of a clear regulatory policy and the removal of SEC chair Gary Gensler.
Has President-Elect Donald Trump shown signs of keeping his election pledges to the crypto industry?
Yes, Trump has already made several nominations placing pro-crypto individuals in some of the most important offices, highlighting the possibility of fulfilling the pledges, which could only mean well for the crypto industry.
The price predictions and financial analysis presented on this website are for informational purposes only and do not constitute financial, investment, or trading advice. While we strive to provide accurate and up-to-date information, the volatile nature of cryptocurrency markets means that prices can fluctuate significantly and unpredictably.
You should conduct your own research and consult with a qualified financial advisor before making any investment decisions. The Bit Journal does not guarantee the accuracy, completeness, or reliability of any information provided in the price predictions, and we will not be held liable for any losses incurred as a result of relying on this information.
Investing in cryptocurrencies carries risks, including the risk of significant losses. Always invest responsibly and within your means.
