Once the biggest critic of crypto markets, former president Donald Trump has invested $ 5m and earned over $7m from NFTs. This is from the recent disclosure statement. This came to light after the disclosure statement was made public on August 16, 2024.
This declaration highlights Donald Trump’s change in financial approach and political moves since he targets the support of crypto lovers.
From skepticism to Investment, Trump’s U-turn
The most surprising part of Trump’s addition to the world of cryptocurrency is that he had always been against it.
In 2019, Trump was very skeptical about Bitcoin and other cryptocurrencies, claiming that they are not “real money” since they are based on ” thin air”. However, as of August 2024, it has been revealed that Trump now possesses numerous crypto assets, including $1.29 million worth of Ethereum and about $ 1 million in Wrapped Ethereum.
This information was present in the disclosure that he released in his presidential campaign bid.
Trump’s investment and interest in cryptocurrency show that he has gained huge profits from NFTs in the previous years. Non-fungible tokens are a digital form of investment that has become popular over the years.
His association with NFT INT. LLC, a company that sells digital cards, has earned him over $ 7 million. This promising business venture demonstrates Trump’s potential to leverage new opportunities in the digital economy in general and generate sizable returns from such ventures.
Political Implication of Trump’s Crypto Embrace
The activities of the former President in the crypto environment are not just a financial action but also a political decision to gain the support of the cryptocurrency community.
At the Bitcoin 2024 conference, which took place in Nashville, Trump listed the following measures that he will champion when he is in office to win crypto enthusiasts’ votes.
Such policies include the state’s Bitcoin reserve, the formation of the crypto advisory council, and the promise to place an openly friendly crypto chair at the SEC.
The crypto industry, which plans to spend over $160 million on lobbying this election cycle, is emerging as a major player in the capital.
Future of Crypto Regulation in the US
In addition to the financial statements and policy recommendations, Trump’s adoption of cryptocurrencies is a political analysis of shifting power relations in the USA.
With the adoption of digital assets rising at a fast rate, politicians are finding themselves being forced to respond to the crypto community.
So, present-day Trump’s switch from the antagonist to the protagonist of cryptocurrencies is a vivid example of this sphere’s effect.
Moreover, this poses potential questions as to the future of cryptocurrency regulation in the US.
Since Trump is pushing for even more industry-friendly policies, the future years are likely to witness major changes in both the regulation and the incorporation of CI assets into the economy.
While election campaigns are gradually bringing up the issue of cryptocurrency into political agendas, choices made during the next election period can dictate the future of digital finance in America.
A Calculated Move or a Genuine Shift?
Some of the popular cryptocurrency blogs have expressed their opinions regarding Trump’s crypto strategy and how he could go about it.
Certain individuals state that it is a strategic business decision and that they wish to be associated with the new form of virtual currencies and maybe establish themselves as a leader who embraces pro-change.
While some critics believe in the good intentions of the bill, others tend to focus on this particular phenomenon in search of votes from this trending world, which makes some opponents doubt the genuine interest of the man in the development of the crypto universe.
