Anika Begay
It seems that Donald Trump’s financial landscape has changed dramatically now. He was a vocal critic of cryptocurrencies, but now has large assets in Ethereum and other digital currencies.
Recent revelations suggest Trump has between $1 million and $5 million in Ethereum alone. A shift in his financial portfolio reflects a general shift in his attitude toward the cryptocurrency world, which he used to describe as a “scam.”
Source: Arkham Intelligence
Source: Arkham IntelligenceTrump: Change of mind
During his presidency, Trump has made no secret of his disdain for cryptocurrencies. He has even warned that they make it easier to engage in illegal activities 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 nothing,” he said in a tweet in 2019.
Fast forward to today, and we see a different narrative. His latest financial disclosure shows his large investment in Ethereum, which has deviated massively from his views.
Trump’s campaign went so far as to begin adopting cryptocurrency on a fundraising page that raised more than $3 million in an aggressive push to reach young, tech-savvy voters who are increasingly interested in digital currencies.
We are about to shake up the cryptocurrency world with something HUGE.
Decentralized finance is the future: don’t be left behind. #Crypto #DeFi #BeDeFiant— Donald Trump Jr. (@DonaldJTrumpJr) August 7, 2024
MAGA Coin and NFTs
In addition to Ethereum, Trump invested in a MAGA-themed memecoin called TRUMP. This token gained traction, especially after Trump publicly declared his interest in cryptocurrencies. Again in May, the TRUMP token hit an all-time high that again fueled the rise of his general cryptocurrency holdings above $10 million.
Furthermore, his foray into non-fungible tokens has proven extremely lucrative. He has taken home nearly $7.15 million in licensing fees from 29 NFT collections featuring his digital images, Photoshopped to depict him in various heroic roles.
Melania Trump has also found a little slice of the action in the NFT space, earning more than $330,000 through her collection. More than just adding to Trump’s wallet, it shows a fusion of politics and technology.
Future prospects and policy implications
Trump’s shift in affiliation with the asset class points to strong undercurrents in his upcoming presidential run in 2024. He promised that if he returned to the presidency, he would establish a national reserve fund for Bitcoin, which tended to position him as a protector of the cryptocurrency community. That could be a real draw for many voters, with cryptocurrencies seen as something that can be used for financial freedom and innovation.
In recent appearances, Trump has expressed his desire for the United States to become the “crypto capital of the world.” This campaign courtship of the cryptocurrency industry isn’t just about financial gain; it’s a calculated move to drum up support from a demographic that feels increasingly alienated from mainstream political narratives.
Donald Trump’s financial reports reveal a wild swing in his approach to cryptocurrency, from staunch skeptic to massive investment. This about-face has defined the future of his political career and, in fact, may define it for cryptocurrency in the United States overall.
Featured image from Pexels, chart from TradingView
