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Donald Trump Endorses Crypto, Highlights Personal Enrichment
Former U.S. president Donald Trump delivered a rare public endorsement of cryptocurrency on Monday, underscoring the extent to which digital assets have personally enriched him. His statements implied potential industry support if he were to be re-elected in November.
Appearing on CNBC’s “Squawk Box,” Trump acknowledged the widespread use of cryptocurrencies, indicating a reluctance to curtail their adoption at the current juncture. The discussion turned to Bitcoin’s meteoric price surge, prompting Trump to share positive accounts of his financial gains through licensed products, such as his NFT trading cards that were purchasable with various cryptocurrencies.
Reflecting on his profitable and enjoyable experiences with crypto, Trump referred to alternative currencies as “crazy new currencies.” He emphasized the practical utility of these digital assets, citing his success with NFT trading cards and the enthusiastic response to his limited edition Trump-themed golden sneakers, a venture that prominently featured cryptocurrency payments.
Trump’s Crypto Holdings and Transactions
As of the present, Trump reportedly retains crypto holdings valued at around $8.7 million, mostly stemming from sales of NFT trading cards and community donations. The bulk of these funds are housed in MAGA, a Trump-themed meme coin received last autumn. In a notable transaction, Trump converted $2.4 million worth of ETH from the same wallet last December.
Moreover, Trump boasted about the robust performance of his exclusive sneaker release, suggesting a high resale value for the “Never Surrender High Top” shoes. While claiming a significant price escalation, the authenticity of this information remains unverified, particularly as the sneakers seemed purchasable solely through credit card transactions, not crypto.
Trump’s Evolving Stance on Cryptocurrency
Despite his prior skepticism, Trump admitted a shift in perception towards crypto, acknowledging its legitimacy as an alternative form of currency. He acknowledged the intrinsic value of embracing diverse financial assets, contrasting his previous preference for a singular currency with the novel possibilities offered by cryptocurrencies.
However, Trump assumed a cautionary stance regarding nations contemplating a shift from dollar-centric economies to crypto-integrated systems. He warned of dire consequences for America’s global standing if such transitions were to occur, likening the scenario to a catastrophic loss akin to a defeat in a historical war.
“If you think of it, it’s an additional form of currency. We did a limited edition sneaker run of 1,000 sneakers. And you could go through crazy new currencies,” says @realDonaldTrump on #crypto. “I like staying with the dollar. I hate when countries go off the dollar.” pic.twitter.com/8NCg4OplKS
— Squawk Box (@SquawkCNBC) March 11, 2024
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