Getty Images; Chelsea Jia Feng/BI
Cryptocurrency markets had a historic year in 2024, helping to massively boost the wealth of several billionaires in the space.
According to the Bloomberg Billionaires Index, three crypto billionaires saw their net worth surge in 2024, including Binance Holdings' Changpeng Zhao, Coinbase's Brian Armstrong and Tether's Giancarlo Devasini.
Their wealth gains come amid a year of stunning growth for the crypto industry in 2024, propelled by the dozen bitcoin spot ETFs that came to market last January, as well as events like the bitcoin "halving" in April, lower interest rates from the Fed, and Donald Trump's victory in the US presidential election.
The president-elect was a staunch crypto advocate during his campaign, and his election win kicked off a market rally in the final months of 2024.
Since the election, Trump has picked several crypto supporters to lead his administration, helping push bitcoin above the key $100,000 threshold for the first time ever, while alt coins also rallied.
The euphoria has pushed crypto's total market value to $3.3 trillion — nearly double its size from last year.
These were the crypto industry's top net-worth gainers in 2024, according to the Bloomberg Billionaires Index.
REUTERS/Darrin Zammit Lupi
Annual wealth gain: $20.7 billion
Net worth: $55.0 billion
Changpeng Zhao saw the biggest annual wealth gain in the crypto industry, up $20.7 billion. Those gains bring his total net worth to $55 billion, making him the 24th richest person in the world.
His wealth is tied to his estimated 90% majority stake in Binance, the world's largest crypto exchange by volume, which he founded back in 2017.
Zhao stepped down as head of the company in 2023 and pleaded guilty to anti-money laundering charges, for which he served a four-month prison sentence. He was released in September and is reportedly exploring new investment opportunities.
Anthony Harvey / Stringer
Annual wealth gain: $3.9 billion
Net worth: $11.1 billion
Brian Armstrong, the founder and chief executive of the crypto platform Coinbase, gained $11.7 billion this year to bring his total net worth to $11.1 billion.
Coinbase, which is the largest US crypto exchance, has seen its stock skyrocket in recent weeks, with shares up over 40% in 2024. Around half of that gain is since Election Day.
According to filings earlier this year, Armstrong is estimated to hold a 15% stake in the company.
Armstrong and Coinbase donated millions to pro-crypto political candidates this year via Fairshake, a pro-crypto political action committee. In November, Armstrong had pledged another $25 million to the super PAC for the 2026 midterms, adding to Coinbase's $70.5 million in donations during the last election cycle.
Justin Tallis/Getty Images
Annual wealth gain: $3.62 billion
Net worth: $8.25 billion
Giancarlo Devasini, the CFO and the largest shareholder of crypto giant Tether, gained $3.62 billion this year, bringing his total wealth to over $8 billion.
Tether is the issuer of the largest stablecoin, a group of crypto tokens whose value is pegged to a fiat currency and meant to track its movements closely.
The USDT stablecoin has a market cap of nearly $138 billion, according to data from CoinMarketCap.
