At the beginning of November, Donald Trump won the US Presidential elections, in which the cryptocurrency industry played a major role.
With Trump now expected to take office on January 20, 2025, the US elections were a victory not only for Trump but also for crypto leaders.
At this point, it was seen that there was a huge increase in the wealth of important names in the crypto industry after the election.
According to Coindesk, CEOs such as Coinbase CEO Brian Armstrong and Ripple CEO Brad Garlinghouse made huge financial gains after the election results.
Accordingly, Brian Armstrong sold stocks after the election and earned $129 million, and Coinbase's market value increased by $21 billion.
Apart from the Coinbase CEO, Ripple CEO Brad Garlinghouse also benefited greatly from the rise of the company’s native token, XRP, as its price skyrocketed from $0.50 to $2.9 after the election.
Garlinghouse is also known to own more than 6% of Ripple and a significant amount of XRP, which has more than tripled in value since the election.
In addition to the CEOs of Coinbase and Ripple, major investors in crypto companies such as Andreessen Horowitz (A16Z) also made huge gains with the election. Accordingly, Andreessen Horowitz founders Mark Andreessen and Ben Horowitz also made significant gains from their investments in Solana (SOL) and Uniswap (UNI).
Coinbase donated $74 million to various political action committees (PACs) in support of the election, Ripple $73 million, a16z $70 million, Jump Crypto $15 million, and crypto exchange Gemini $5 million.
*This is not investment advice.
