The value of the former U.S. President Donald Trump’s cryptocurrency holdings has surged past the $10 million mark, driven largely by a substantial increase in the value of the MAGA (TRUMP) meme coin.
According to Arkham Intelligence, Trump’s investment in this particular coin, which operates on the Solana blockchain, now stands at $7.3 million. The TRUMP coin, embodying a political meme, appears to be part of Trump’s strategy to engage and promote himself within the cryptocurrency community.
As of the latest evaluations, Trump’s total cryptocurrency portfolio is valued at $10.14 million, with Ethereum (ETH) being the second-largest holding, amounting to $1.81 million. Notably, Trump has not invested in Bitcoin (BTC), the largest cryptocurrency by market cap, despite its prominence in the digital asset space.
Trump’s Commitment to Crypto Sector
Trump, who is also a Republican presidential candidate, has recently emphasized his support for the cryptocurrency sector. He pledged to foster a conducive environment for the growth of digital currencies in the United States.
During a speech in Washington D.C. on May 25, he vowed to take necessary measures to protect the future of digital currencies and declared his support for individuals’ rights to manage their own digital assets, affirming, “I will support the right to self-custody.”
The former President has also been vocal about his opposition to certain regulatory initiatives, particularly those proposed by Senator Elizabeth Warren. Trump criticized Warren’s approach, promising to shield Bitcoin from what he described as regulatory overreach by her and her colleagues. Furthermore, he expressed a strong stance against the establishment of a central bank digital currency.
Engaging the Crypto Community
In recent weeks, the cryptocurrency community has observed Trump’s increased affinity towards the sector, which seems to be a strategic move to garner more support in the upcoming presidential elections.
High-profile figures in the cryptocurrency industry, such as Charles Hoskinson, founder of the Cardano blockchain, and Justin Sun, founder of Tron (TRX), have publicly supported Trump, hoping his administration would create a more favorable environment for cryptocurrencies.
Earlier in the month, Trump acknowledged the transformative potential of blockchain technology and digital assets for the financial sector. He underscored the importance of innovation and maintaining a technological edge.
Donald Trump’s holding of $TRUMP. Source: ArkhamIntel
He reiterated these sentiments in a post on Truth Social, stressing that “Our country must be the leader in the field, there is no second place,” and emphasized the need to embrace and leverage blockchain and cryptocurrencies for growth and efficiency.
On May 21, Trump’s campaign began accepting donations in cryptocurrency via Coinbase Commerce, signaling a more open and supportive stance towards digital currencies. Despite this positive outlook, Trump highlighted the necessity for regulatory frameworks to protect investors and ensure market stability. He argued that while fostering innovation is crucial, it must be balanced with responsible governance to prevent financial misconduct and fraud.
Questions Raised
While many Bitcoin proponents have celebrated Trump’s bullish stance on Bitcoin, some advocates worry that long-term political support might not necessarily be beneficial for the cryptocurrency. Conversely, Robert F. Kennedy Jr., another pro-crypto presidential candidate, has issued a scathing critique of Trump’s presidency, accusing him of failing to fulfill key promises and advancing policies that favored the wealthy.
Kennedy criticized Trump for not delivering on his commitments to revive manufacturing, increase wages, and reform trade deals. He lambasted Trump’s tax policies and regulatory decisions, which he argued disproportionately benefited corporate interests like Jeff Bezos and major agricultural conglomerates at the expense of small farmers and the broader workforce.
Kennedy also condemned Trump’s administration for its handling of domestic and international issues, including exacerbating racial tensions and international conflicts, and for his policies during the COVID-19 pandemic, which Kennedy claimed worsened the economic and opioid crisis.
He concluded with a stark warning about the potential repercussions of a second Trump term, urging the public to consider the past actions as indicative of future behaviors.
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