Former President Donald Trump has emerged as a significant player in the cryptocurrency world, amassing a substantial Ethereum portfolio and substantial gains from the sale of non-fungible tokens (NFTs). This revelation comes as a surprise due to Trump’s history of disbelief toward digital currencies.
The latest financial disclosure documents, submitted to the Office of Government Ethics, disclosed Trump’s ownership of an Ethereum wallet holding over $2.8 million worth of cryptocurrency. The findings were brought to light by the Washington-based ethics watchdog, Citizens for Responsibility and Ethics in Washington (CREW), and shared on social media.
Furthermore, the disclosed records highlighted that Trump’s NFT venture proved remarkably lucrative. The former President garnered nearly $4.9 million in licensing fees from a collection of NFTs launched as part of his bid to secure a return to the White House in the 2024 elections, following his defeat to current President Joe Biden in 2020.
The NFTs, initially released in December of the previous year, experienced a surge in demand, particularly after Trump faced legal challenges. The first wave of tokens soared in value before a subsequent release in April, backed by the former President, caused a downturn in the initial batch’s worth.
With these newfound holdings, Trump’s position in the crypto world now categorizes him as a ‘whale,’ a term reserved for individuals holding substantial amounts of a particular cryptocurrency. This classification is quite ironic considering Trump’s past criticisms of digital currencies, labeling them a “scam” and a “very dangerous thing.”
In a December 2021 interview with Fox Business, Trump expressed his preference for the stability of the US dollar, stating, “I never loved cryptocurrency, because I like to have the dollar.” His views sharply discriminate from those of his fellow Republicans, who have supported cryptocurrency-related legislation that has gained acceptance within the industry.
Notably, Trump’s views on cryptocurrencies also diverge from those of his GOP rivals in the 2024 primary, including Florida Governor Ron DeSantis and another Presidental Candidate, who has made a strong commitment to support Bitcoin and strengthen America’s crypto sector.
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