Donald Trump Reveals Substantial Crypto Holdings But It’s Not Bitcoin
Former United States President Donald Trump became more involved in the crypto space over the past year. This was a result of the Donald Trump Trading Cards NFT collections the politician launched. However, it seems Trump’s involvement in crypto goes even deeper as he reveals substantial holdings.
Trump Holds Ethereum
Trump’s 2023 Financial Disclosure filed with the United States Office of Government Ethics (OGE) has revealed that the former president holds up to half a million in Ethereum. As part of his assets, Trump listed a cryptocurrency wallet that contains Ether valued between $250,001 to $500,000.
Before now, Trump has been a long skeptic of cryptocurrencies. In 2019, he went as far as stating, in a tweet, that he wasn’t a “fan of Bitcoin and other cryptocurrencies.” He further mentioned that these cryptocurrencies are “highly volatile and based on thin air.”
During an interview with Fox Business in June 2021, Trump also said that Bitcoin “seems like a scam” and expressed his dislike once again for the foremost cryptocurrency as it was another currency “competing against the dollar.”
However, despite the disclosure, there is reason to believe that the former president’s crypto holdings don’t translate to him having a change of heart towards cryptocurrencies, as this said wallet is likely linked to the non-fungible tokens (NFTs) he launched in partnership with NFT International LLC.
In fact, just below the mention of the crypto wallet, Trump also mentioned his licensing agreement with the company. However, he didn’t mention how much was paid as part of the agreement as the value is not “readily ascertainable.”
Trump had licensed his image to be used for the Trump Digital Trading Cards, which launched in December 2022 on Polygon. Despite criticisms, with many seeing it as a cash grab, the 45,000 Trump NFTs available sold out in less than 12 hours, accumulating $4.35 million in sales.
ETH price struggles in the mid $1,800s | Source: ETHUSD on Tradingview.com
Pro-Bitcoin Candidates
Unlike Donald Trump, many other candidates have openly supported the flag-bearing cryptocurrency. One of them is Democratic Presidential Candidate Robert F. Kennedy who reportedly owns between $100,001 and $250,000 worth of Bitcoin in investments.
The politician was quick to defend Bitcoin following concerns about the cryptocurrency’s environmental impacts. He stated these arguments against Bitcoin are just a cover to “curtail financial freedom.” He had also previously disclosed his plans to back the US dollar with Bitcoin and exempt Bitcoin profits from capital gain taxes.
Meanwhile, Republican Presidential Candidate Ron DeSantis has promised to end “Biden’s War on Bitcoin.” During a Twitter space with Elon Musk, the Florida governor also stated that every citizen has “every right to do Bitcoin.”
Featured image from Wall Street Journal, chart from Tradingview.com
