Donald Trump has leaned into his unofficial role as the “crypto president” in ways that can both help the crypto industry and enrich himself and his family
Donald Trump has leaned into his unofficial role as the “ crypto president ” in ways that can both help the crypto industry and enrich himself and his family.
Once a sceptic of cryptocurrencies, Trump has made a complete reversal and embraced digital currencies in a way no other elected official has done. He’s promised to enact crypto-friendly policies and make the U.S. “the world capital” of digital assets.
He’s also attached the Trump name to a crypto token and other crypto-themed products. The cryptocurrency industry, which spent heavily to help Trump win last year’s election, has expressed mixed feelings about some of his crypto ventures.
Critics have said the ventures are ripe for abuse by people seeking Trump’s influence. Trump put his investments and assets in a trust managed by his children and has pledged not to play any role in managing his companies while president.
Here’s a by-the-numbers look at Trump’s crypto ties:
That’s how much a watch company is charging for a new “Crypto President Tourbillon” watch from the Trump-themed online watch store, which pays a licensing fee for using the Trump name. Trump has a long history of melding his political and business interests. He first promoted Trump watches in September of last year. The online store has recently started selling crypto-themed watches at various price levels.
The gettrumpwatches.com website says only 10 “Crypto President Tourbillon” watches will be made, and payments are only accepted in bitcoin. For their $100,000, buyers receive a watch with 229 “bitcoin orange sapphires” and a signed letter of authenticity from Trump.
“The Crypto President Tourbillon isn’t just a watch—it’s a declaration. Of wealth. Of power. Of vision,” the website says.
That’s roughly how much the market cap, or overall value, of the president’s meme coin has been erased since it peaked at about $15 billion on Jan. 19, two days after it was launched and a day before Trump took office.
Some in the crypto industry hailed the launch of Trump’s meme coin, which was quickly followed by the launch of First Lady Melania Trump’s meme coin, as a sign of his enthusiasm and commitment to digital assets.
Critics said it reflected poorly on the crypto industry’s reputation at a time when it is hoping to become more mainstream. Meme coins are a strange and highly volatile corner of the crypto industry that often starts as a joke with no real value but can surge in price if enough people are willing to buy them.
That’s the price for a new pair of crypto-themed sneakers sold by another website that pays a licensing fee to sell Trump-themed products, which the president has promoted. The low-top orange shoes are set to start shipping in April, with a planned limited run of just 400 pairs.
That’s how much Chinese crypto mogul Justin Sun has said his company has invested in World Liberty Financial, a decentralized finance cryptocurrency platform that Trump and his sons helped launch last year. Sun founded the decentralized blockchain platform TRON and is also known for his recent purchase of a banana for $6.2 million.
Sun and his companies were sued by the SEC in 2023 for allegedly artificially inflating the price of TRON, and the U.S. has also accused his company of facilitating transfers tied to groups designated as terrorist organizations. World Liberty Financial announced it had bought $4.7 million of TRON’s token, TRX, on Inauguration Day.
That’s how much the parent company of Trump’s Truth Social has said it will spend on new investment products and decentralized finance services that could include buying bitcoin and other cryptocurrencies.
Truth Social just applied to trademark “Truth.fi Bitcoin Plus ETF” and “Truth.fi Bitcoin Plus SMA,” a sign they plan to launch crypto exchange traded funds and separately managed accounts.
Despite modest revenues and significant losses, Trump’s supporters have helped boost Trump Media & Technology Group’s stock price and raise funds since it went public last year. The parent company announced late last month that the possible move into crypto was an effort to diversify its $700 million cash reserves.
TMTG says Trump has no decision-making role at the company. He is its largest shareholder, with a 53% stake, according to the company’s most recent quarterly report. That’s currently worth more than $3 billion.
Source: abcNEWS
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