In the past year, the crypto market witnessed a massive price rally due to Donald Trump’s pro-crypto pitch in the US elections and his subsequent victory. This 2024 market rally led Bitcoin to cross the $100,000 milestone and meme coins like Dogecoin registering unprecedented gains. During this time of extraordinary surge, crypto billionaires made massive gains, including Bitcoin whales like Changpeng Zhao.
In this article, we are exploring 3 such crypto billionaires who made the most of the 2024 market rally as the global crypto market cap hit $3.3 trillion, close to double the previous year. But before that, let's take a look at the catalysts of this market rally.
What fuelled the 2024 market rally?
The unbelievable performance of the crypto market last year was influenced by several factors, not just the US elections. 2024 started with multiple spot ETF approvals for Bitcoin, which led to the huge institutional adoption of the world’s number one digital currency. Later on, Ethereum spot ETFs were approved, triggering interest in the coin. The influence of ETFs has been such in this short span that by the year-end, several digital asset ETF approvals have been submitted to the SEC. This includes spot ETF applications for XRP and Solana. Many analysts believe ETFs will dominate the market in 2025 as the pro-crypto Trump administration makes regulatory changes.
The bitcoin halving event in April, combined with the Federal Reserve's shift towards lower interest rates, created a positive momentum in the market. The election of Donald Trump, who emerged as a strong crypto advocate during his campaign, further accelerated the market rally in the latter part of the year.
Trump's subsequent appointments of crypto-friendly individuals like Paul Atkins as the SEC Chair and David Sacks as the crypto czar made Bitcoin rally to the historic $100,000 mark. The broader crypto market benefited from this price rally as the bullish run continued for weeks. This confluence of events created an optimal environment for wealth creation among crypto industry leaders.
Crypto Billionaires Who Made the Most of the 2024 Market Rally
Binance Founder Emerged As the Biggest Gainer
Changpeng Zhao, founder of Binance, emerged as the largest beneficiary of the 2024 crypto rally. His net worth increased by an astronomical $20.7 billion, reaching $55 billion and securing his position as the 24th wealthiest person globally. This remarkable gain is primarily attributed to his estimated 90% ownership stake in Binance, the world's largest cryptocurrency exchange by trading volume.
Despite stepping down from his leadership role at Binance in 2023 and serving a four-month prison sentence for anti-money laundering violations, Zhao's wealth continued to grow substantially. Following his release in September, he has reportedly been exploring new investment opportunities in the crypto space.
Coinbase CEO Makes Major Gains from Political Pushes
Coinbase CEO Brian Armstrong saw his net worth surge by $3.9 billion, reaching $11.1 billion. This significant increase was driven by Coinbase's exceptional stock performance, with shares rising over 40% throughout the year. Notably, approximately half of these gains occurred after Election Day, highlighting the market's positive response to the political landscape.
Armstrong's estimated 15% stake in Coinbase proved particularly valuable during this period. His commitment to the crypto industry extended beyond business operations, with substantial political contributions made through Fairshake, a pro-crypto political action committee. Armstrong pledged an additional $25 million for the 2026 midterms, supplementing Coinbase's $70.5 million in political donations during the previous election cycle.
Tether CFO Rides the Stablecoin Success Story
Giancarlo Devasini, the primary shareholder of Tether, also emerged as the topmost gainer in the 2024 market rally as his net worth grew by $3.62 billion in the past year. This made the Tether CFO’s total net worth touch $8.25 billion in 2024. This close-to-double growth showcases how crucial stablecoins have become in the crypto landscape. This is primarily because USDT has maintained its lead as the largest stablecoin based on its $138 billion market cap.
From these three crypto billionaires' success stories, we can easily understand what role 2024 played in the crypto maturation and led to wealth generation for whales. As the industry evolves, we will see more spikes in such institutional adoption, specially when we are headed to enhanced regulatory clarity under the Trump administration. These figures highlight digital assets’ potential to influence the global financial market as time progresses.