Trump’s Crypto Wealth Estimated Near $1 Billion In White House Report
In a recent report by Fortune, significant information emerged about President Donald Trump’s increasing involvement in the cryptocurrency market, as revealed in his first financial report since taking office. The report sheds light on various aspects of his business interests, including golf courses, sponsorship deals, and his publicly traded media group. Particularly, it highlights Trump’s engagement with World Liberty Financial (WLFI), a crypto platform unveiled by his sons last year.
The financial disclosure reveals that Trump has earned over $57 million from token sales on the World Liberty platform. Holding nearly 16 billion governance WLFI tokens, he stands to potentially have holdings valued close to $1 billion, although the tokens are not currently trading. As discussions on blockchain regulation intensify in Congress, concerns about possible conflicts of interest arising from Trump’s crypto ventures are being raised.
Trump’s involvement in digital assets has expanded beyond the introduction of non-fungible tokens (NFTs) to a broader engagement through World Liberty Financial. The platform has introduced products like governance tokens and a USD-pegged stablecoin, USD1, which attracted attention when utilized by an Emirati investment firm to infuse $2 billion into Binance, a major crypto exchange.
Another significant aspect of Trump’s crypto ventures is his memecoin, TRUMP, launched before his presidency. Despite a decline in market capitalization from $9 billion to around $2 billion, the memecoin, of which Trump’s organization owns approximately 80% of the total supply, remains controversial. Trump’s hosting of a dinner for top memecoin holders drew criticism, especially from Democratic lawmakers.
As of the latest update, Bitcoin is trading at $107,550, with a recent increase of 4.5% over the past month according to CoinGecko data.
Featured image courtesy of Bloomberg, chart sourced from TradingView.com
