Bitcoin’s price recovery boosts the fortunes of cryptocurrency billionaires
Two years ago, the sudden collapse of Sam Bankman Fried’s FTX company shocked many billionaires… Cryptocurrency The world’s famous people are scrambling to protect their wealth from impending regulatory backlash.
Now, it shows an increase Bitcoin price How quickly their fortunes can change on Tuesday is a record high. The wealthiest digital asset tycoons have seen their net worth rise by nearly $70 billion by the end of 2022, driven by a win in recent days. Donald Trump American elections. Former Binance Holdings CEO Changpeng Zhao has led the recovery, increasing his net worth by nearly $49 billion, according to the Bloomberg Billionaires Index.
It’s a dramatic shift that few could have predicted when FTX filed for bankruptcy, capping a catastrophic digital asset decline. Earlier this year, Chow spent four months in prison after striking a deal with US authorities to end investigations into him and the company he founded. Last week, he spoke about his time in an American prison in his first interview since his release.
Since the presidential election, the price of Bitcoin has jumped to its highest level, surpassing… 89 thousand dollars On Tuesday, a change in the US administration amid traders’ bets on its recovery. Bullish sentiment also boosted prices of smaller coins, cryptocurrency exchanges and mining companies.
Trump’s stance in support of bitcoin contrasts with the regulatory crackdown the digital asset has witnessed under President Joe Biden. SEC Chairman Gary Gensler has repeatedly described the sector as riddled with fraud and misconduct. In July, Trump promised to fire Gensler and elect a more crypto-friendly regulator upon his return to the White House.
Here are the biggest cryptocurrency gainers on the Bloomberg Billionaires Index:
Changping Zhao
The co-founder of the world’s largest cryptocurrency exchange is worth $61.6 billion as of Nov. 11, an increase of $49 billion by 2022. He is the 23rd richest in the world.
Former Binance CEO spent time in prison in California after pleading guilty to failing to implement adequate anti-corruption programs Money laundering In the stock exchange.
This week, Zhao published a post on the X platform this week, referring to Bitcoin’s record high price, saying: “Finally, I have crossed the chasm.”
Changpeng Zhao, founder of Binance US and co-founder of Binance Holding – Source: Bloomberg
Michael Novogratz
The founder of Galaxy Digital Holdings, focused on cryptocurrencies, rose to $5.6 billion this week, up $3.8 billion from the end of 2022. His digital asset company posted its biggest trading day on November 11.
“We have a lot of cryptocurrencies, but our franchise is fully operational, in terms of trading, lending and derivatives desks, both in the United States and abroad,” Novogratz said last week, adding Novogratz, who was a supporter of Vice President Kamala Harris on the President’s Council. It seemed to confirm everything we wanted.”
Michael Novogratz, founder of Galaxy Digital Holdings – Bloomberg
The Winkleves twins
The Winkleves twins pumped money into the US presidential election. Cameron said in June that he donated $1 million in bitcoin to Trump and posted on social media threats from Trump to fire Gensler.
The twins are now worth $5 billion each, nearly doubling their wealth by 2022.
“Blocks off, 100,000 coming,” Tyler Winklevoss said on Nov. 11, offering his take on where bitcoin’s price could go.
The Winkleves twins, Cameron Winkleves, right, and Tyler Winkleves – Bloomberg