Former U.S. President and current presidential candidate Donald Trump’s cryptocurrency holdings surpassed $10 million on Monday morning, according to crypto analytics firm Arkham Intelligence. The bulk of his portfolio, amounting to $7.3 million, is invested in the TRUMP coin. This surge in value marks a significant milestone in Trump’s financial ventures within the crypto space.
Shifting Stance on Cryptocurrencies
Trump’s position on cryptocurrencies has notably evolved. While he previously dismissed them during his presidency, labeling them as “not money” and “highly volatile,” his recent rhetoric has taken a supportive turn. Speaking at the Libertarian National Convention in Washington, D.C., Trump pledged to halt President Joe Biden’s anti-crypto initiatives and ensure that the future of bitcoin and other cryptocurrencies is rooted in the United States. He also vowed to support self-custody rights and oppose the creation of a central bank digital currency (CBDC). Additionally, Trump promised to advocate for the release of Ross Ulbricht, the founder of the Silk Road marketplace.
Impact on TRUMP Coin
Following his remarks at the Libertarian convention, the TRUMP coin experienced a 31.7% surge against the U.S. dollar within 24 hours. This rapid increase highlights the influence of Trump’s endorsements and his growing involvement in the crypto industry.
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Campaign Accepts Crypto Donations
In a further demonstration of his commitment to the crypto space, Trump’s campaign has begun accepting cryptocurrency donations through Coinbase. This move aligns with his recent supportive comments and actions related to digital assets.
Historical and Future Implications
Trump’s recent activities in the crypto sphere are not his first. During his administration, bitcoin futures were approved, earning him the label of America’s first crypto president from former Commodity Futures Trading Commission (CFTC) Chairman Christopher Giancarlo. Since leaving office, Trump has launched three non-fungible token (NFT) collections and has acknowledged bitcoin’s growing acceptance and value.
Analysts suggest that Trump’s potential return to the White House could be beneficial for the crypto industry. For instance, Standard Chartered Bank believes that a second Trump term would be “broadly positive” for cryptocurrencies.
