Clark Galvan
Former US President Donald Trump has made a significant shift in his stance on cryptocurrency, moving from dismissing it as a scam to embracing it as the future of finance. This evolution has sparked interest in understanding how much Trump has invested in this space, especially given his plans to launch a crypto business with his sons, World Liberty Financial. According to financial disclosures, Trump holds between $250,000 and $500,000 in assets in a cryptocurrency wallet, specifically linked to a collection of non-fungible tokens (NFTs) he marketed. In addition to his direct investments, Trump has also profited from selling NFT trading cards, bringing in millions of dollars in revenue. With his newfound support for crypto, Trump's financial involvement in this space may continue to grow, impacting both his political and business endeavours.
| Characteristics | Values |
|---|---|
| Amount invested in cryptocurrency | $250,000 to $500,000 |
| Cryptocurrency wallet | Ethereum |
| NFT trading cards sold | 44,000 |
| NFT trading cards sold price | $99 |
| NFT trading cards revenue | $8.9 million |
| NFT trading cards licensing fees | $298,000 |
| NFT trading cards sold in 2022 | $100,000 to $1 million |
| Ethereum ownership | Over $1 million |
| MAGA token ownership | Over $4 million |
What You'll Learn
Donald Trump's crypto wallet
Overview
Trump's NFT Venture
Trump's crypto wallet is linked to his NFT collection, which featured cartoon-like trading cards with Trump in various outfits. The first batch of 44,000 cards sold out in a day, and a second batch was also released and sold out. This venture appears to have raised over $8.9 million, with Trump earning $298,000 in licensing fees.
Political and Financial Incentives
Trump's embrace of crypto has both political and financial incentives. By accepting crypto donations, he can position himself in opposition to those with more traditional, regulated financial views, such as Elizabeth Warren. Additionally, Trump has made money through his NFT sales and stands to benefit from the support of the crypto industry.
World Liberty Financial
In September 2024, Trump and his sons, Eric and Donald Jr., announced the launch of World Liberty Financial, a crypto platform. This venture is expected to be a crypto banking platform, allowing users to borrow, lend, and invest in cryptocurrencies. The project will issue a digital token called WLFI, and the Trumps are expected to receive compensation.
Concerns and Criticisms
Trump's involvement in the crypto space has raised concerns about potential conflicts of interest and ethical dilemmas. Critics worry that his political stance and policies could directly benefit his family's business ventures. There are also security concerns, as the industry has suffered from high-profile fraud cases and hacks.
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Trump's NFT sales
In December 2022, former US President Donald Trump released a collection of 44,000 NFTs, which were cartoon-like trading cards featuring Trump in various costumes. The $99 cards sold out in a day, and a second batch was released in April, which also sold out. The sales raised more than $8.9 million, with Trump earning $298,000 in licensing fees.
Trump's NFT ventures have been highly profitable. The official Trump Digital Trading Card collections brought in up to 1,237 ETH in their initial sales, equivalent to approximately $2.14 million at the time. The value of these sales would be nearly $3.2 million today. Additionally, Trump earns a 10% royalty fee on secondary sales of these NFTs, which has earned his wallet an additional 782.32 ETH, or $2 million, since January 2023.
Trump's Ethereum wallet has also found a new source of revenue from illegitimate meme coins, such as Save America and Trump Bucks, which automatically pay a 2% tax to Trump's wallet on every transaction. These token taxes have accumulated 137.3 ETH, nearly $480,000, in the past four months, far outpacing the $11,600 earned from NFT royalties during the same period.
The combined earnings from these sources amount to over 425 ETH, or approximately $1.09 million at current prices, surpassing Trump's pension from the Screen Actors Guild and his reported royalties from The Apprentice over the past year.
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Trump's crypto stance
Former US President Donald Trump has had a change of heart when it comes to cryptocurrency. Once a vocal critic, he now embraces crypto and even plans to launch a crypto business with his sons.
Criticism of Crypto
During his presidency, Trump was not a fan of Bitcoin and other cryptocurrencies. In an April 2019 tweet, he stated:
> I am not a fan of Bitcoin and other cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air... Unregulated crypto assets can facilitate unlawful behaviour, including drug trade and other illegal activity.
In an interview with Fox Business, he also criticised Bitcoin as a "scam" affecting the value of the US dollar.
Embrace of Crypto
Trump's stance on crypto began to shift after he left office. In 2022, he released a collection of 44,000 NFTs, which sold out in a day. These sales appear to have raised more than $8.9 million, with Trump earning $298,000 in licensing fees.
In 2024, Trump took a further step into the crypto world, accepting donations in crypto for his presidential campaign. This included Bitcoin, Ether, and Dogecoin. He also delivered a speech at the Bitcoin 2024 conference in Nashville, where he stated his intention to make the US the "crypto capital of the planet" by loosening regulations.
Trump's Ethereum wallet has also benefited from secondary NFT sales and token taxes from unofficial meme coins, bringing in substantial passive income.
World Liberty Financial
In September 2024, Trump and his sons, Eric and Donald Jr., announced the launch of World Liberty Financial, a crypto platform. This venture is expected to be a crypto banking platform, allowing users to borrow, lend, and invest in crypto.
The former president stressed his pro-crypto stance, saying:
> I do believe in it [cryptocurrency]. It has a chance to really be something special.
World Liberty Financial will face competition in the decentralised finance (DeFi) market but stands to benefit from the Trumps' public platform and support from the crypto industry.
Trump's embrace of crypto appears to be driven by both financial incentives and the opportunity to position himself in opposition to political rivals, such as Elizabeth Warren, who have taken an anti-crypto stance.
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World Liberty Financial
In a livestream to announce the launch, the Trump family described World Liberty Financial as a platform that would allow users to conduct transactions without a bank as an intermediary, eliminating fees. The primary goal of the platform is to make decentralised finance (DeFi) more accessible to the general public.
The Trumps are joined by crypto experts Chase Herro and Zak Folkman, as well as real estate investor Steve Witkoff, a friend of Donald Trump's. The platform will have a governance token, WLFI, which will allow owners to vote on matters concerning the platform. 63% of the tokens will be sold to the public, 17% are for user rewards, and 20% are reserved for team compensation.
The launch of World Liberty Financial is an extraordinary move by Trump, promoting a personal business so close to Election Day. It also raises ethical concerns about a presidential candidate creating potential conflicts of interest. Trump has long mixed his political and business interests, and this latest venture stands to benefit him financially if he wins the election.
Trump has made several crypto-friendly policy commitments, including the creation of a strategic national bitcoin stockpile and firing the SEC Chair Gary Gensler, who has a bearish outlook on cryptocurrency. Trump's support for the crypto industry comes as crypto leaders and investors have donated millions to his campaign.
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Trump's crypto donations
Donald Trump has gone from criticising cryptocurrencies to embracing them, with the former US president announcing in May 2024 that he would accept cryptocurrency donations for his 2024 election campaign.
Trump's campaign website now allows donors to make contributions to his joint fundraising committees via Coinbase. Supporters can donate using "any cryptocurrency accepted through the Coinbase Commerce product".
The move is an attempt to tie Trump's opponent, Joe Biden, with vocal crypto critic and senator Elizabeth Warren, who has pushed to clamp down on the industry. The Trump campaign's announcement stated:
> Biden surrogate Elizabeth Warren said in an attack on cryptocurrency that she was building an 'anti-crypto army' to restrict Americans' right to make their own financial choices. MAGA supporters, now with a new cryptocurrency option, will build a crypto army moving the campaign to victory on November 5th!
Trump's campaign also stated that accepting crypto donations was part of its opposition to "socialistic government control" over the US financial markets.
The former president's decision to accept crypto donations is part of a broader shift in his stance on cryptocurrencies. During his time in office, Trump was critical of crypto, calling it a "disaster waiting to happen" and saying that bitcoin seemed "like a scam". However, he has since warmed to the industry, investing in crypto himself and launching a set of NFT trading cards in December 2022.
Trump's crypto wallet, held under CIC Digital, contains between $250,000 and $500,000 in assets, according to a financial disclosure released in July 2023. The wallet is connected to a collection of non-fungible tokens that he marketed after leaving the White House. The sales of these NFTs appear to have raised more than $8.9 million, with Trump earning $298,000 in licensing fees.
Trump's total net worth is estimated to be around $2.5 billion, with about $3 million of that in cryptocurrency, according to Forbes.
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Frequently asked questions
Donald Trump holds between $250,000 and $500,000 of assets in a cryptocurrency wallet. He also owns over $1 million in Ethereum.
Trump's assets are held in an Ethereum wallet.
Trump has previously criticised cryptocurrencies, calling them a "disaster waiting to happen" and saying that Bitcoin seemed "like a scam". However, he has since changed his stance and now accepts crypto donations to his campaign and has pledged to turn the US into the "crypto capital of the planet".
