A recent personal financial disclosure by Donald Trump reveals that the former president owns around $5 million in cryptocurrencies. The document also shows he has made over $7 million through non-fungible tokens (NFTs)—the revenue comes from a licensing arrangement with NFT INT.
The financial disclosure published by Citizens for Ethics adds a new flavor to the former president’s pro-crypto assertions. The crypto gains could explain why Donald Trump has become pro-crypto in recent years after being skeptical about the industry during his administration.
Most of Trump’s crypto money is on Ethereum
According to the filings, Trump’s crypto assets are on the Ethereum network. The filing did not specify which cryptocurrencies or how much he holds. However, it gave a ballpark estimate that the presidential candidate’s Ethereum wallet holds between $1 million and $5 million.
Data from Arkham Intelligence provides more insight into the former president’s crypto portfolio. He holds $3.55 million in his wallet, including major digital assets like ETH, WETH, and USDC. However, there are also several meme coins such as MAGAA, FIGHT, and MVP.
Although most of these meme coins are inspired by the presidential candidate, he has no official affiliations with them. The creators likely transferred part of the supply to him because his address is public. Interestingly, Trump’s on-chain crypto holdings were as high as $18 million in June when TRUMP meme coin saw a massive price rally.
The filings show that the former president made $7.15 million from NFT licensing fees and cryptocurrencies. Many NFT projects have been launched with affiliations to Trump. These include the Mugshot project based on his criminal indictment, two trading card collections, and, most recently, a limited edited orange crypto-sneaker that cost $499.
More crypto projects may be on the way
Meanwhile, the former president and his associates are still planning to launch more crypto and NFT projects. Trump’s son, Eric, has been teasing a new crypto project that would be the official one for the Trump Organization. Although he has not shared much of his plan, he hinted that it could involve digital real estate.
According to him, the new project is equitable and will allow people to gain access to any market. He has already created a Telegram group for those interested in the project to join and claims he has fallen in love with Crypto/Defi.
He said:
“It’s collateral anyone can get access to and do so instantly. I don’t know if people realize what a shakeup that is for the world of banking and finance.”
Interestingly, while Trump’s crypto foray has made him richer, his supporters are now more vulnerable to scams that try to leverage his name. The latest example involved the Restore the Republic (RTR) coin, which the token creators claimed to be the official Trump token.
Investors poured money into the token, causing its market cap to rise as high as $155 million in just a few hours. However, it crashed after Eric Trump warned users to beware of fake tokens. Despite that, enthusiasts remain on the lookout for his official project.
Source: https://www.cryptopolitan.com/trumps-financial-disclosure-shows-ethereum/