BTC

$98936.06

0.42%

ETH

$3470.989

-0.64%

XRP

$2.301

-1.41%

BNB

$702.838

1.12%

News

Former President Donald Trump Holds $250,000 In ETH, Financial Report Discloses

August 12, 2023 - Around 2 mins mins to read

Key Points:

  • Ex-President Trump enters crypto with NFT assets valued at $250,000–$500,000, diverging from past skepticism.
  • His NFTs gross over $8.9 million; Trump’s evolving stance on crypto raises intrigue.
  • Potential 2024 campaign funding using crypto sparks interest as the Trump family clashes over crypto branding.
According to Forbes, former President Donald Trump’s foray into the world of cryptocurrency has recently come to light through a financial disclosure unveiled last month.
Former President Donald Trump Holds $250,000 In ETH, Financial Report Discloses

The disclosure reveals that Trump holds assets ranging from $250,000 to $500,000 in cryptocurrency wallets, specifically linked to a collection of non-fungible tokens (NFTs). These NFTs depict a range of cartoon-style trading cards featuring Trump in diverse outfits, from hunter’s camouflage to a superhero costume.

The NFTs were initially introduced in December 2022 as a “limited edition collection” of 44,000 cards, priced at $99 each, which promptly sold out within a day. A subsequent batch in April enjoyed similar success.

Earnings from the NFT venture appear to have exceeded $8.9 million, with Trump reportedly amassing $298,000 in licensing fees. The disclosed wallet, held under the Trump entity CIC Digital, showcases an intriguing dichotomy in Trump’s relationship with cryptocurrency.

Despite once labeling cryptocurrencies as “not money” and expressing skepticism about their value, Trump has invested substantially in Ethereum-linked NFTs.

This revelation has sparked speculation about Trump’s potential interest in decentralized finance (DeFi) and cryptocurrency’s role in funding his potential 2024 presidential campaign. Such platforms offer anonymity, allowing funds to be amassed discreetly.

Complicating matters further, the Trump family has taken legal action against a cryptocurrency named “Trumpcoin,” asserting unauthorized use of their name. This legal stance echoes Trump’s mixed views on the cryptocurrency space, where he acknowledges its financial potential while criticizing its legitimacy.

As the Securities and Exchange Commission (SEC) tightens its scrutiny of the cryptocurrency realm, particularly celebrity endorsements, Trump’s NFT venture is unlikely to exacerbate his legal challenges.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

crypto

Donald Trump

ETH

SEC

TrumpCoin

Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.