Cryptocurrency has now become quite ingrained in the financial landscape, gaining the attention of a wide group of individuals, including influential public figures. One of them is the former president of the U.S. Donald Trump has been in the news due to his statements and the role he took in promoting electronic money. But Trump's view on cryptocurrency is more complicated and oxymoronic than many other ruling elite members. This article will look into Donald Trump's affiliations with cryptocurrency, covering his investments, public remarks, and overall opinion about this new asset class.
Donald Trump was not afraid to talk about his doubts concerning digital money. In a tweet posted in July 2019, Trump commented, "I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose price is too high and is very susceptible to fraud." He also witnessed the rise of these digital financial tools that could be used to avoid the law or to devalue the U.S. dollar. The government was not so confident about the regulation of the digital currency market, which was expressed in the laws they issued with cryptocurrency exchange platforms and ICOs as their primary targets.
Although Trump publicly doubts it some reports indicate Donald Trump or entities linked to him might be indirectly involved in cryptocurrencies. These reports are mostly based on speculation as Trump but he has not made any public statements about his direct investing in cryptocurrencies.
Trump's Investment in Technology Companies: In the course of his presidency, the financial statements of Trump indirectly showed capital possessed in tech firms. Some companies, such as Microsoft & Intel, which focus on blockchain technology underlying cryptocurrencies, have also been the subjects of discussion.
One thing to mention is that this did not include direct investing in cryptocurrency. However, this was an indirect connection to the digital money ecosystem.
Associates' Involvement in Cryptocurrency: Several of Trump's associates and advisors have voiced their interest in cryptocurrency. For instance, one of his allies: Peter Thiel a co-founder of PayPal and one of the first to finance Trump's election campaigned for him and showed his commitment to Bitcoin and he has invested in several cryptocurrency ventures through Founders Fund his venture capital firm.
Trump's Post-Presidency Ventures: Immediately after his presidency, successful businesses have been undertaken, one of the most successful social media platforms, Truth Social. Trump does not have any activity that can be directly connected to this platform while the experience so far points to a greater chance for a future area with two of them coming together.
A remarkable move into the NFT space was the Trump NFT (Non-Fungible Token) serial launch. Last December, Trump made public that he would be selling a series of crypto trading cards with his photo on the cards. It was the Ethereum blockchain where these NFTs were bought and the collection was finished and it was attractive enough to reach the press. This surprise announcement showed that Trump's response to the digital asset landscape changed. He was now willing to consider blockchain capabilities and their commercial applications.
According to the financial disclosure released last month, Donald Trump has a US$250,000 to US$500,000 cryptocurrency wallet. He listed the asset on Trump’s disclosure as “cryptocurrency wallet (Ethereum),” which seems likely connected to a variety of NFTs that he tried to sell after quitting as President.
In December 2022, he stated that he would be releasing a “limited edition collection” of 44,000 NFTs that are animated card figures representing Trump in many ways such as hunters' camouflage, welders’ suits, and superhero costumes. The US$99 cards sold off in just one day. Trump and his partner, a company named NFT INC LLC, then released a second batch in April. It also sold out.
The sales have amounted to more than US$8.9 million. The reformer president enriched himself through the venture getting US$298,000 as the licensing fees according to the disclosure. His wallet is held under the same Trump entity through which he collected his licensing fees, the CIC Digital.
Donald Trump has more than a few hundred thousand dollars in exchange for punching his pockets, a man who is now worth around US$2.5 billion. But the real estate tycoon is not above making just a little profit, even if he has to sell a product he doesn't like. “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 said in April 2019. “Unregulated crypto assets can be used to cover up illegal activities including drug smuggling and counterfeit merchandise.”
The Securities and Exchange Commission has recently taken a more active role in policing the broader cryptocurrency industry, going after celebrity endorsers like Kim Kardashian. But the regulatory agency has largely shied away from taking actions against NFT creators and companies, meaning Trump's NFT venture probably won't add to his legal woes. Spokespeople for Trump did not immediately return an emailed request for comment. The existence of Trump's crypto holding was first reported by Bitcoin.com.
Specifying Donald Trump's cryptocurrency, his attitude towards the world of cryptocurrencies is indeed contradictive, be it the more open public side or the much more satirical and indirect side regarding the non-everyday financial instruments. In this case, while Trump has not yet declared direct investment in cryptocurrencies, his actions and associations tend to imply a complicated position that involves indirect connections and a recent foray into blockchain technology through NFT trading.