Former U.S. President Donald Trump saw a significant increase in his crypto holdings, with the total value of his portfolio reaching over $33 million, but it has since dropped to $21 million. This shift comes as a time when Trump has shifted his stance on cryptos, going from calling them a “disaster waiting to happen” to owning millions in crypto assets. Analyst Altcoin Daily’s post highlighted Trump’s crypto portfolio decline overnight due to market conditions.
Trump’s crypto portfolio began to take shape in 2022 when he started receiving cryptocurrency as royalties from the sale of Trump Digital Trading Cards NFTs. These NFTs, marketed using Trump’s name, were sold for $99 each, with Trump earning a portion of the proceeds in the form of Ethereum (ETH). In 2023, he sold 1,075 ETH, generating around $2.4 million in profits.
The bulk of Trump’s crypto holdings now consist of two memecoins: MAGA Coin (TRUMP) and Trog (TROG). These tokens were given to Trump as part of a marketing strategy by the projects. The value of these tokens has seen a significant increase in 2024, driven by Trump’s primary election successes and his recent felony convictions.
Trump Campaign Considers Elon Musk for Economic, Border Policy AdvisoryTrump’s changing stance on cryptos reflects a broader shift in the crypto landscape. Cryptos, once viewed with skepticism by many, are now being embraced by a growing number of individuals and institutions. This shift is driven by several factors, including the increasing adoption of cryptocurrencies by mainstream financial institutions and the growing recognition of their potential to disrupt traditional financial systems.
As Trump’s crypto portfolio continues to grow, it remains to be seen how he will manage his holdings. His recent sale of 1,075 ETH suggests that he is willing to take profits when the opportunity arises. However, with the continued growth of his holdings, it is likely that Trump will continue to be an important player in the crypto market.
It is also important to remember a San Francisco fundraiser on Thursday, where Republican presidential candidate Donald Trump positioned himself as a strong advocate for cryptocurrency, criticizing Democratic efforts to regulate the industry. According to three sources who spoke to Reuters, Trump declared his intention to be the “crypto president” during the event, which raised $12 million.
The fundraiser was hosted by tech venture capitalists David Sacks and Chamath Palihapitiya at Sacks’ residence in the upscale Pacific Heights neighbourhood. Trevor Traina, a tech executive from San Francisco and former U.S. ambassador to Austria under Trump, confirmed this sentiment to Reuters.
