Donald Trump, a prominent Republican presidential candidate, reportedly holds assets worth approximately $10 million in a cryptocurrency wallet. The wallet contains significant amounts of MAGA tokens, Ethereum (ETH), and MAGA VP tokens. The majority of the wallet’s value comes from appreciating assets, particularly MAGA tokens, which have seen a 3.16% increase in the past 24 hours. Trump’s involvement in cryptocurrency has positioned him among the top celebrities in terms of crypto assets, surpassing figures like Justin Bieber, Kevin Hart, and Jimmy Fallon.
The connection between the wallet and Trump was established through information in his financial statements filed in August 2023. At that time, the wallet held nearly $5 million in ETH and had earned approximately $4.9 million from the Trump Digital Trading Card NFT collection. This classified Trump as a “crypto whale.” In December 2023, the wallet sold off $2.4 million worth of ETH.
Trump has expressed strong support for cryptocurrencies, contrasting his stance with President Joe Biden’s perceived anti-crypto position. He has promised to ensure that crypto thrives under his leadership. This endorsement comes as the Biden administration shows signs of a softened approach towards cryptocurrencies, evident in the recent approval of eight spot Ethereum ETF applications by the U.S. Securities and Exchange Commission (SEC).
Although only a small percentage of Americans use or hold cryptocurrencies, the industry is expected to play a significant role in the upcoming elections. Reports suggest that crypto businesses are prepared to invest over $80 million in the 2024 elections. Trump has been dubbed “America’s first crypto president” due to his administration’s approval of future Bitcoin contracts in 2017. The outcome of Biden’s potential re-election remains uncertain in terms of favorable legislation for the crypto industry.
