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Donald Trump, Long Skeptical of Crypto, Holds Up to $500,000 In Ethereum

Former President Donald Trump has revealed his ownership of a cryptocurrency wallet, holding between $250,000 and $500,000 worth of Ethereum, as per a financial disclosure form submitted to the Office of Government Ethics. This disclosure sheds light on Trump’s involvement in the crypto space, despite his historical criticism of digital currencies.

The cryptocurrency wallet is associated with a collection of non-fungible tokens (NFTs) that Trump’s campaign introduced during his 2024 White House bid. These NFTs comprise virtual trading cards portraying Trump in various roles, including a superhero, cowboy, and astronaut. Initially priced at $99 each, the tokens gained significant traction after their launch in December 2022. However, their value saw fluctuations, notably declining after the introduction of a second batch in April, impacting the first set’s valuation.

Trump’s past statements about cryptocurrencies have been notably skeptical, echoing sentiments more aligned with his Democratic counterparts rather than fellow Republicans. During his tenure, he expressed reservations about Bitcoin and other cryptocurrencies, suggesting their potential to compete against the U.S. dollar. His preference for traditional fiat currency was evident when he stated that he wanted the dollar to maintain its status as the global currency.

Contrastingly, Trump’s stance on crypto diverges from the increasing support for digital assets among his Republican peers. Republicans in Congress have introduced legislation aimed at regulating cryptocurrencies, gaining support from the industry despite some concerns.

Several contenders within the GOP have embraced cryptocurrencies. Miami Mayor Francis Suarez and entrepreneur Vivek Ramaswamy have publicly endorsed crypto adoption. Florida Governor Ron DeSantis has pledged to halt the perceived “war on Bitcoin” under the Biden administration if elected.

Conversely, on the Democratic side, Robert F. Kennedy Jr., a less-prominent candidate, has expressed strong support for cryptocurrencies. Kennedy disclosed owning around 14 Bitcoins, despite previously denying his involvement as an investor.

While Trump’s crypto holdings offer a surprising twist, his financial disclosure underscores the evolving landscape of political opinions toward digital currencies. As the crypto market continues to grow, it remains to be seen how Trump’s ownership of a cryptocurrency wallet and his previous critical comments will intersect with broader political and regulatory discussions surrounding cryptocurrencies.

 

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.