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Donald Trump, once a vocal cryptocurrency skeptic, now owns over $1 million worth of digital assets, according to his recent financial disclosure.
The former president, who previously called Bitcoin a scam, has amassed between $1 million and $5 million worth of Ethereum, indicating a change in his attitude toward the world of digital currencies.
While this amount is relatively modest compared to Trump’s broader financial portfolio, it underscores his growing interest in the crypto sector – a move likely aimed at appealing to the crypto lobby as he eyes a return to the White House.
Highlights from Trump’s financial portfolio
Here is a summary of the financial details from Donald Trump’s recent financial disclosures:
- Cryptocurrency : Trump owns Ethereum worth between $1 million and $5 million.
- Investing in gold : He owns gold bars worth between $100,000 and $250,000.
- Real estate income : Mar-a-Lago in Florida generated about $57 million, down $8 million from a previous announcement. Trump paid off a $25 million to $50 million Deutsche Bank mortgage on his Chicago Trump International Hotel.
- Debts : He is owed more than $500 million in civil judgments: $83 million to the writer E. Jean Carroll for defamation and $454 million to the New York Attorney General for accounting fraud. Both judgments are under appeal and bail is required.
- Income from licenses and royalties : $12 million from licensing and royalty deals. $7 million from an NFT licensing deal. $5 million in royalties for his books “Letters to Trump” and “Our Journey Together.” $300,000 from a Bible published with country singer Lee Greenwood.
- Net assets and business activities : Trump’s wealth was estimated at $6.5 billion, largely due to a SPAC merger involving his social media company, Trump Media & Technology Group, although the media group’s value has recently dropped by $1.3 billion.
Is Donald Trump a more crypto-friendly candidate?
This change in direction is particularly notable as technology and crypto industry executives increasingly view Trump as a more favorable candidate than President Joe Biden or Vice President Kamala Harris.
Trump’s running mate, Senator JD Vance of Ohio, is also a well-known proponent of cryptocurrencies. According to his recent financial filings, he personally owns between $100,001 and $250,000 worth of bitcoins.
Trump’s involvement in the crypto community was more than just an investment.
During a speech to 3,000 people at the Bitcoin conference in Nashville, Trump made bold promises to the crypto sector.
He promised to fire SEC Chairman Gary Gensler, a known opponent of cryptocurrencies, on his first day in office.
Trump also vowed to establish a strategic national Bitcoin reserve and said the U.S. must become a global crypto superpower.
In a striking comparison, he compared Bitcoin to the steel industry 100 years ago, suggesting that Bitcoin has the potential to reshape the global economy.
Trump and the NFTs
Beyond his cryptocurrency holdings, Trump has also benefited from the booming market for non-fungible tokens (NFTs).
His venture into NFTs was remarkably profitable, earning him $7.15 million from his unique digital collections.
Trump first entered the NFT space in 2022 with a collection of images of himself as a superhero, astronaut and cowboy, an endeavor that quickly gained traction among his supporters.
Despite his initial skepticism about digital assets, Trump and his wife Melania have fully embraced the NFT trend.
Melania Trump launched her own NFT collection featuring her “cobalt blue eyes,” raising $330,609 in royalties, according to financial disclosures.
In August 2023, Trump expanded his NFT portfolio with a new collection titled “MugShot,” which revolves around the theme of his ongoing legal battles.
The success of his previous collections has encouraged Trump to continue in this field.
In an interview with Bloomberg Businessweek in June, he hinted at the release of a fourth NFT collection, citing overwhelming demand from his backers.
“I’ve done it three times, and I’ll do it again because people want me to do it again,” Trump said, expressing confidence in the continued success of his digital ventures.
Trump’s foray into the world of cryptocurrencies and NFTs not only underscores his adaptability, but also positions him as a significant figure in the rapidly evolving digital asset landscape.
As he continues to grow his crypto portfolio and harness the power of NFTs, Trump’s financial strategies reflect a keen understanding of modern investing trends, even as he navigates the complexities of the political arena.