For Advertising Inquire via
Select Page

This post was originally published on this site

Former US President Donald Trump, once a vocal critic of cryptocurrency, has been revealed to possess Ethereum assets valued up to $500,000, according to his latest financial disclosure filing. This revelation comes as a surprise to many, especially considering his past remarks on the digital currency realm.

In 2019, Trump took to Twitter to express his skepticism about Bitcoin and other cryptocurrencies, stating they weren’t genuine money and their value was highly volatile. He tweeted, “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 further emphasized the potential of unregulated crypto assets to facilitate illegal activities, including the drug trade.

However, the tables seem to have turned. The 2023 filing with the Office of Government Ethics (OGE) lists an item described as “cryptocurrency wallet (Ethereum),” with its value ranging between $250,000 and $500,000. This wallet is believed to be associated with the sale of non-fungible tokens (NFTs) Trump launched in late 2022, a part of his 2024 presidential campaign endeavors. The filing indicates that Trump garnered $298,000 from this venture.

The NFT collection, which sold out a day after its release, had a trading volume of approximately $1.08 million or 900 ETH, as per data from OpenSea. Not stopping at one, Trump released another NFT collection in April, which also witnessed a sell-out. Interestingly, following his indictment over alleged hush money payments, sales of Trump’s NFT trading cards surged by over 400% within 24 hours of the announcement. This spike resulted in nearly 14,000 unique individuals becoming proud owners of his NFT cards.

The NFT digital cards featured various cartoon illustrations of Trump, with some depicting him in a spacesuit and sunglasses, while others portrayed the former president as a superhero emitting lasers from his eyes.

In 2021, Trump reiterated his skepticism, stating that Bitcoin appeared to be a “scam” and expressing his displeasure over the digital asset being a competitor to the US dollar. Following these remarks, Bitcoin’s price experienced a 1.3% dip, although it rebounded shortly after.

On the other hand, Melania Trump, Donald’s wife, has also ventured into the NFT space, launching multiple collections. There were speculations that the former First Lady might have purchased the first collection herself after analyses indicated that the winning bid was linked to her team members.

In a related development, a meme coin named TrumpCoin, which claims to support the Trump administration, is gaining traction. While the cryptocurrency is not officially affiliated with Trump or his family, it pledges to donate 5% of its marketing budget to the Trump campaign.

This unexpected twist in Trump’s stance towards cryptocurrency has left many intrigued, raising questions about the future of digital assets and their acceptance among prominent figures.

© 2021 Business Times All rights reserved. Do not reproduce without permission.