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Hypocrite or opportunist? Donald Trump holds up to $500k in crypto

Hypocrite or opportunist? Donald Trump holds up to $500k in crypto

Donald Trump, former US President holds up a significant amount in cryptocurrency, a recent filing with the US Office of Government Ethics revealed. In the penultimate entry of the 82-page form, it lists a “cryptocurrency wallet (Ethereum)” with a value between $250,000 and $500,000. 

Trump, once a vocal crypto skeptic, will be running for the Oval Office once again in 2024, and surprisingly, he took a different stance on crypto by releasing a series of non-fungible token (NFT) cards.

The NFTs collection of virtual trading cards featured illustrations of Trump as a superhero, cowboy, or king, and was launched for $99 each in December 2022.

The NFT cards were widely criticised but were quickly snapped up by his supporters and sold out within hours. Nevertheless, the dropping of the second batch in April crashed the value of the first set. 

We believe opportunist

During his time in the presidency, the former US leader addressed the topic of cryptocurrencies only in one tweet, and as we all remember, he loved tweeting.

In July 2019, he tweeted that he was “not a big fan of Bitcoin and other cryptocurrencies.” However, Anthony Scaramucci, who previously served as Trump’s communications director in the White House, later stated that the tweet, which has since been removed, might not have been personally authored by Trump.

Donald Trump told Fox Business after losing his re-election bid in 2020 that “Bitcoin just seems like a scam. I don’t like it because it’s another currency that is competing against the dollar and I want the dollar to be the currency of the world,” but he is holding a significant amount in a crypto wallet.

Perhaps he is biding his time for a more favourable moment to sell his cryptocurrency holdings. Yet, the desire for profit seems to outweigh his aspiration to make the US dollar the dominant global currency.

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