Binance’s Changpeng Zhao is $12.1b richer due to Trump victory: report

Binance founder Changpeng Zhao’s net worth reportedly increased by $12.1 billion in one day.

According to the Bloomberg Billionaires Index, it was confirmed on November 6 that Donald Trump won the 47th presidential election in the United States, increasing Zhao’s net worth by $12.1 billion in one day.

Zhao, who recently resigned as CEO due to ongoing legal issues in the USA, continues to hold significant assets in Binance (BNB), the world’s largest cryptocurrency exchange.

Zhao’s rise to wealth comes at a complicated time. Following accusations of regulatory violations, his recent legal settlements with the U.S. Department of Justice and the Commodity Futures Trading Commission led to his departure from office.

The bulk of his wealth is tied up in his Binance holdings, and he is benefiting from increased crypto market activity during the election cycle as investors anticipate regulatory changes and positive policy impacts on digital assets.

Markets are rising

Following Donald Trump’s election victory on November 6, both stock and cryptocurrency markets reacted with volatility. US stock futures fell briefly overnight as investors anticipated possible changes in economic policies, but markets rebounded strongly the next day, with the Dow Jones Industrial Average rising as investors bet on tax cuts and infrastructure spending.

In the crypto market, Bitcoin (BTC) has experienced an increase in trading activity; Some investors saw it as a hedge against political uncertainty, but its price remained relatively stable.

Bitcoin has since surpassed all-time highs and is taking much of the crypto market with it, including BNB.