Cryptocurrency Embraced by Donald Trump
Former US President and Republican hopeful Donald Trump has been drawn into the world of cryptocurrencies, with disclosed financial reports revealing Ethereum holdings between $250,000 and $500,000. The revelation marks Trump as the first senior US political figure known to own such digital assets.
These assets, stored in a cryptocurrency wallet under his name, originated from Trump’s successful stint in the non-fungible token (NFT) market. His venture into this sector saw returns between $100,000 to $1 million, as disclosed in earlier reports. Further reports show Trump earned a respectable $298,000 in licensing fees from the NFT sale, which he has opted to store as Ethereum rather than convert into traditional cash.
While this sum may seem a drop in the ocean compared to Trump’s estimated $2.5 billion fortune, it is a significant nod towards the embracing of digital currencies from an influential figure. Trump’s foray into Ethereum also comes as a surprise to some, considering his earlier criticisms of Bitcoin and other cryptocurrencies.
In 2019, Trump had expressed skepticism over Bitcoin, dismissing it and similar cryptocurrencies for their lack of tangible value and extreme volatility. He repeated similar sentiments in 2021, expressing uncertainty over their legitimacy while reaffirming his preference for American currency. Despite his earlier remarks, Trump seems to have reversed his stance, opting to retain his earnings from the NFT transactions as Ethereum.
Since December, Trump has kept his silence about his current view on cryptocurrencies especially after acquiring Ethereum from the NFT sale. All eyes will be on him to see if he continues embracing digital currencies or decides to cash out.