A recent financial report has revealed that US presidential candidate Donald Trump owns up to $5 million in cryptocurrency and has made more than $7 million off his foray into non-fungible tokens.
A report by the ethics group Citizens for Ethics indicated that Trump had declared ownership of $1 million to $5 million in Ethereum-based crypto assets.
Trump has reported making more than $7.15 million from his three NFT collections—the "Mugshot" project centred on his criminal indictment and two series of Donald Trump Trading Cards. Trump has indicated that he intends to issue a fourth NFT collection on July 16, telling Bloomberg that "the people want" him to do so.
On August 1, Trump announced his new line of "official crypto-sneakers." This edition of 1,000 orange high-top shoes would sell out in just a few hours, even at the wallet-burning price of $499.
According to blockchain analytics firm Arkham Intelligence, Trump's Ethereum-based crypto assets were worth about $3.5 million at the time of the report. His crypto holdings briefly surged to a value of $18 million back in June, driven by a rally in the price of a MAGA-themed memecoin called "TRUMP."
The TRUMP memecoin was created in August to support U.S. veterans and protect children. As its name suggests, this memecoin is called after Trump, but it isn't officially connected to or endorsed by him. According to the report, not only this, but Trump has also been making money by selling a series of branded bibles that fetched more than $300,000, besides his crypto ventures. He has also pulled off a combined $216 million from his Mar-a-Lago resort in Florida and another golf course in Doral.
This is a massive surge from August 2023, when Trump reported owning over $2.8 million in Ethereum-based assets and making more than $4.8 million from NFTs.
Despite being a former detractor of Bitcoin and other cryptocurrencies, Trump has recently become a powerful supporter of digital assets. He places pro-crypto policies at the forefront of his election campaign for 2024. Trump said at the Bitcoin 2024 conference in Nashville that if he becomes president once more, he will form a national Bitcoin reserve and make the United States the "crypto capital of the world.".
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