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Ex-President Trump Holds Crypto-Related Assets Worth Up to $500,000

Published August 14, 2023 4:25 PM
Teuta Franjkovic
Published August 14, 2023 4:25 PM
Key Takeaways
  • According to recent financial report, Trump owns crypto worth between $250,000 and $500,000
  • The former US President is still a staunch critic of the cryptocurrency sector
  • Trump repeated his position on cryptocurrencies in 2021, during the height of his reelection campaign, labeling the asset class “fake”

Reportedly, former President Donald Trump holds assets worth somewhere between $250,000 and $500,000 within a crypto wallet, as revealed by a financial statement  that was made public recently.

This asset, referred to as his “cryptocurrency wallet (Ethereum)” in Trump’s report, seems to be associated with a collection of non-fungible tokens (NFTs) that he sold after his tenure in the White House.

Bitcoin ‘Fake,’ But NFTs Are OK?

In December 2022, Trump made an announcement  about releasing a “limited edition collection” of 44,000 NFTs, essentially trading cards featuring cartoon-like depictions of him as various characters like a superhero, welder, or hunter.

Priced at $99 each, these NFTs were snapped up within a single day. Subsequently, in April, a second batch was offered by Trump in collaboration with his partner, a company called NFT INC LLC, and this batch also quickly sold out.

The transactions reportedly generated over $8.9 million. Trump’s declaration indicates that he received $298,000 in licensing fees from the business venture. The same entity, CIC Digital, which facilitated his licensing income, notably manages his cryptocurrency holdings.

In July, to honor Independence Day, former first lady Melania Trump also introduced a fresh line of non-fungible tokens (NFTs) based on famous American sites.

Trump’s Pursuit of Profit Knows No Bounds

While a few hundred thousand dollars might be relatively minor for Trump, whose reported net worth is around $2.5 billion, he appears willing to capitalize on profitable opportunities, even if they involve products such as crypto he personally may not endorse.

In April 2019, Trump tweeted  his skepticism towards Bitcoin and other crypto, labeling  them as not real money and highlighting their volatility and lack of underlying value. He also expressed concerns about their potential use in illegal activities like the drug trade.

In his first public remarks on cryptocurrencies since taking office as president of the United States, Trump then said , “I’m not a fan” of cryptocurrencies, calling them “not money” and bringing up their price volatility in relation to the dollar.

Laws and the SEC’s Position

Donald Trump’s investment in cryptocurrencies and his successful entry into the NFT sector is a striking illustration of how public personalities can shift from skepticism to engagement. His transformation from an outspoken critic to a fervent supporter exemplifies digital assets’ attractiveness and potential profitability, even for those who have voiced concerns.

Trump’s NFT endeavor could appear at odds with his previous attitude, but it doesn’t immediately complicate his legal situation. The SEC has been closely monitoring the cryptocurrency sector and focusing on high-profile endorsers but has mainly refrained from taking any action against NFT developers. As a result, Trump’s cryptocurrency business is now operating legally.

Cryptocurrencies the Hotbed of American Presidential Politics

Digital assets are among the initial talking points in the 2024 U.S. presidential race, whether the crypto sector wants attention. The most well-known of the new candidates even included bitcoins in his opening statement as evidence of President Joe Biden’s errors.

Florida Governor Ron DeSantis, who immediately staked out cryptocurrency as a kind of political shorthand, is posing an early threat to former president Donald Trump in a race where the Republican challengers are expected to produce the loudest fireworks. DeSantis is playing the role of Biden’s chief adversary.

The possibility that Trump’s interest in Bitcoin and decentralized finance (DeFi) is connected to potential funding for a 2024 presidential campaign is being discussed by analysts. What draws people in is the potential anonymity and versatility these platforms offer for gathering donations.

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