Former US President Donald Trump made headlines recently with an unexpected revelation in his latest financial report to the Federal Election Commission. It was revealed that Trump holds a significant amount of Ethereum, totaling $250,000. This comes as a surprise considering Trump’s previous criticism of cryptocurrencies.
Trump’s Previous Stance on Cryptocurrencies
In the past, Donald Trump has been openly critical of cryptocurrencies, particularly Bitcoin. He expressed his skepticism in a tweet from July 2019, stating that he is “not a fan of Bitcoin and other cryptocurrencies, which are not money and whose value is highly volatile and based on nothing.” He further argued that cryptocurrencies facilitate illegal activities such as drug dealing.
The Launch of “CollectTrumpCards” NFT Collection
Surprising as it may seem, Trump’s foray into the world of cryptocurrencies might be linked to his recent venture into the non-fungible token (NFT) market. On December 16, 2022, Trump announced the launch of his very own NFT collection called “CollectTrumpCards.” This collection consisted of 45,000 digital trading cards featuring Trump in various roles, including a superhero, an astronaut, and a NASCAR driver.
Each of these unique digital cards was priced at $99 and sold on a website claiming to be “the first NFT platform powered by Truth Social,” Trump’s newly established social media platform. The proceeds from the sales of these NFTs likely contributed to Trump’s Ethereum holdings.
The website promoting the NFT collection also mentioned that each card purchase automatically entered the buyer into a raffle for a chance to win exclusive prizes. These prizes included a dinner with Trump, a golf session with Trump, or a signed piece of Trump memorabilia, adding an extra incentive for fans and collectors to participate.
Former US President Donald Trump’s surprising revelation about his cryptocurrency holdings showcases a significant shift in his stance on digital assets. While he previously expressed skepticism towards cryptocurrencies, his venture into the NFT market and acquisition of Ethereum indicates a change of heart. Whether driven by financial diversification, strategic promotion of Truth Social, or exploring new business opportunities, Trump’s involvement in cryptocurrencies has the potential to impact the industry and influence its future trajectory.