Getty Images; Chelsea Jia Feng/BI
  • Crypto’s richest people saw huge wealth gains last year as the market soared.

  • Changpeng Zhao, founder of Binance, gained nearly $21 billion, putting him among the top 25 wealthiest people globally.

  • Brian Armstrong and Giancarlo Devasini were also among the year’s biggest winners.

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.

Binance CEO, Changpeng Zhao
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.

Coinbase CEO Brian Armstrong
Coinbase CEO Brian ArmstrongAnthony 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.

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