Now it seems that Donald Trump’s financial outlook has changed dramatically. He was a staunch critic of cryptocurrencies, but now he has Large assets on Ethereum and other digital currencies.
Recent revelations reveal that Trump owns between $1 and $5 million in Ethereum alone. A change in his financial portfolio reflects a general transformation in his attitude towards the world of cryptocurrencies, which he used to describe until now as a “scam”.
Source: Arkham Intelligence
Trump: change of attitude
During his time as president, Trump has never been shy about his aversion to cryptocurrencies, even warning that they would facilitate 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 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 large investment in Ethereum, which greatly deviated him from his views.
The Trump campaign even went so far as to begin using cryptocurrency on a fundraising page, which raised more than $3 million as part of an aggressive effort to connect with tech-savvy young voters increasingly interested in digital currencies.
We are about to revolutionize the world of cryptocurrencies with something HUGE.
Decentralized finance is the future: don’t be left behind. #Cryptocurrencies #DeFi #BeDefiant— Donald Trump Jr. (@DonaldJTrumpJr) August 7, 2024
MAGA Coin and NFTs
In addition to Ethereum, Trump has invested in a MAGA-themed meme coin called TRUMP. This coin gained traction, even more so after Trump declared his interest in cryptocurrencies to the public. In May, the TRUMP coin hit an all-time high which again fueled the rise of his overall cryptocurrency holdings above $10 million.
Furthermore, its foray into non-fungible tokens has proven extremely profitable. It has earned nearly $7.15 million in licensing fees from 29 NFT Collections presenting his digital images, photoshopped to represent him in various heroic roles.
Even Melania Trump has found a small niche in the NFT space, earning over $330,000 from her collection. Rather than serving to fatten Trump’s wallet, it showcases a combination of politics and technology.
Future prospects and policy implications
Trump’s shift in affiliation with the asset class indicates strong undercurrents in his upcoming campaign 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 position him as a protector of the cryptocurrency community. That could be a real seduction for many voters, as cryptocurrencies are 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 be the “crypto capital of the planet.” This campaign courtship of the cryptocurrency sector is not just about financial gain; it is a calculated move to gain support from a demographic that feels increasingly alienated by traditional political narratives.
Donald Trump’s financial reports reveal a radical change in his approach to cryptocurrencies, from an avowed skeptic to a major investor. This change of attitude has defined the future of his political career and may, in fact, define it when it comes to cryptocurrencies in the United States in general.
Featured image from Pexels, chart from TradingView
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