Why Donald Trump Is Betting on Crypto — A Look Into His Current Crypto Portfolio

Former President Donald Trump, known for his unconventional approaches to business and politics, has made crypto his most recent financial venture. Political and financial outlets have even coined Trump as the "crypto president" following his pro-crypto speeches and personal crypto endeavors. People are paying attention to his pivotal move toward digital assets, sparking curiosity around his holdings and outlook for crypto. Let's delve into why Trump is betting on crypto and an overview of his portfolio. 

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One of Trump's primary motivations behind crypto adoption is the opportunity for financial decentralization. The migration toward decentralized finance (DeFi) is primarily facilitated by using cryptocurrencies. This aligns with Trump's long-standing distrust of centralized institutions and stance on individual power and freedom. He advocates for the right to own and transact assets without government interference. 

But Trump has not always been pro-crypto. Just five years ago, Trump was a vocal critic of digital currency — tweeting, "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 behavior, including drug trade and other illegal activity…"

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Since these comments, the crypto industry has turned past critics like Trump into current advocates through monumental achievements. For perspective, the aggregate market cap of crypto when Trump made his 2019 comments was around $350 billion; the aggregate market cap of crypto currently sits at approximately $2.5 trillion. In other words, the total money invested in crypto has increased astonishingly by around 600 percent in just five years. Crypto's growing popularity provides a new topic of debate for politicians in the upcoming 2024 presidential election. 

At the recent Bitcoin 2024 conference, Trump explained his position, "…I'm laying out my plan to ensure that the United States will be the crypto capital of the planet and the Bitcoin superpower of the world." He later exclaimed, "… Bitcoin stands for freedom, sovereignty, and independence from government coercion and control." This statement led to powerful applause, but critics question how his current stance could starkly contrast his previous one.

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As recently as May 21, 2024, Trump's team announced they would accept crypto as a donation method to support his campaign. Trump included at the Bitcoin 2024 conference they have raised over $25 million, mainly in the form of Bitcoin (BTC), since their announcement. 

Trump's crypto holdings became a hot topic following his overwhelming support for the industry. According to Arkham, Trump's public crypto holdings are currently around $8 million, mainly of Ethereum (ETH) and Trump-themed meme coins (donated to him as a marketing scheme). This $8 million wallet is up significantly from January 2023, when his wallet was worth less than a couple of thousand dollars. 

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Although that number is impressive, his wallet's current evaluation is down over 70% from $30 million in June earlier this year. Trump's largest holdings consist of $3.2 million of TRUMP (MAGA), $1.7 million of ETH, $1.3 million of Wrapped Ethereum (WETH), and nearly $1 million of Trump Frog (TROG). Although this is a large sum of money to the average person, there's speculation that Trump holds much more crypto in undisclosed wallets. 

Donald Trump's crypto ventures highlight his forward-thinking approach and pivotal stance on crypto's potential as a viable currency. His actions will influence the crypto market and his political journey as he continues investing in and advocating for crypto’s future. While critics believe Trump is just trying to make Bitcoin holders happy, many of his supporters consider Trump an industry leader for both the United States' financial and political landscape.

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