It appears now that Donald Trump’s financial landscape has changed drastically. He was a vocal critic of cryptocurrencies, but now he has large assets in Ethereum and other digital currencies.
Recent disclosures reveal that Trump possesses between $1 million and $5 million in Ethereum alone. A change in his financial portfolio reflects a general transformation in his attitude toward the crypto world, which he used to describe up to now as a “scam.”
Source: Arkham Intelligence
While being the president, Trump was never in reserve about his aversion to cryptocurrencies. He even warned that they would make it easier for illegal activities to be done and that they are not real money.
“I am not a fan of Bitcoin and other cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air,” he said in a tweet in 2019.
Fast forward to today, and we see a different narrative. His latest financial disclosure shows his big investment in Ethereum, which massively diverted from his views.
Trump’s campaign has gone as far as to begin taking cryptocurrency at a fundraising page, which netted more than $3 million as part of an aggressive effort to connect with young, tech-savvy voters increasingly interested in digital currencies.
https://twitter.com/DonaldJTrumpJr/status/1821164331020517596?ref_src=twsrc%5Etfw” rel=”nofollow noopener” target=”_blank
Besides Ethereum, Trump has invested in a MAGA-themed memecoin called TRUMP. This token gained traction, more so after Trump declared his interest in cryptocurrencies to the public. As late as May, the TRUMP token reached an all-time high that again fueled the rise in his general crypto holdings above $10 million.
Moreover, his foray into non-fungible tokens has proven extremely profitable. He has brought in close to $7.15 million for himself in licensing fees from 29 NFT collections featuring his digital images—photoshopped to depict him variously in heroic roles.
Even Melania Trump has found a small piece of action in the NFT space, earning more than $330,000 through her collection. More than serving to pad Trump’s pocketbook, it shows a blending of politics with technology.
The changing affiliation of Trump with the asset class indicates strong undercurrents in his upcoming run for the presidency in 2024. He had promised that if he returned to the presidency, he would establish a national reserve fund for Bitcoins, which tended to place him as a protector of the crypto community. That could be a true seduction for many voters, with cryptocurrencies taken as something one can use for financial freedom and innovation.
In recent appearances, Trump expressed his desire that the US be the “crypto capital of the planet.” This courting by his campaign into the crypto sector is not just about making financial hay; it’s a calculated move to rally support from a demographic increasingly feeling alienated by traditional political narratives.
Donald Trump’s financial reports reveal a wild swing in his approach to cryptocurrency, from being a confirmed skeptic all the way to massive investments. This flip-flop has defined the future of his political career and, in fact, may define it in view of crypto in the US in general.
Featured image from Pexels, chart from TradingView
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure Pakistan has…
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure Most of…
The landmark stablecoin legislation, the GENIUS Act, could be on Trump’s desk by the end…
Upbit, South Korea’s largest cryptocurrency exchange by trading volume, has announced the listing of four…
U.S. banking regulators have issued a statement clarifying the rules around cryptocurrency safekeeping, or custody,…
Tensions in the crypto sector escalated over the weekend following allegations that Coinbase was the…