- Former President Donald Trump’s cryptocurrency wallet reportedly holds assets worth approximately $10 million.
- The wallet contains sizeable amounts of MAGA tokens, Ethereum (ETH), and MAGA VP tokens.
- Arkham Intelligence has tracked the wallet, revealing its significant holdings and fluctuations in value.
Discover the latest on Donald Trump’s $10 million crypto wallet, including his holdings and their impact on the market.
Details of the Holdings
Donald Trump’s on-chain holdings surpassed $10 million this morning, mainly fueled by the rise in price of the TRUMP coin – of which Trump currently holds $7.3M. The wallet linked to Donald Trump primarily contains TRUMP tokens valued at $7.12 million, initially purchased using wrapped ether (WETH) on Uniswap. Additionally, it holds 463.441 ETH, worth around $1.84 million, and 1 million MAGA VP tokens, estimated to be worth $509,000.
Earlier today, the wallet’s total value exceeded $10 million, but due to fluctuations in token prices, it currently stands at $9.95 million. Arkham Intelligence noted that much of the wallet’s value is derived from appreciating assets, especially MAGA tokens. MAGA is trading at $12.03, reflecting a 3.16% increase in the past 24 hours.
Trump’s involvement in cryptocurrency has been notable. His holdings place 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 the time of the initial connection, Trump’s wallet held nearly $5 million in ETH and had earned approximately $4.9 million from the Trump Digital Trading Card NFT collection. His crypto presence classified him as a “crypto whale.” In December 2023, the wallet sold off $2.4 million worth of ETH.
Donald Trump’s Friendly Support For Crypto
Donald Trump has recently expressed strong support for cryptocurrencies, emphasizing his openness to the industry during a speech at the Libertarian National Convention. He contrasted his stance with President Joe Biden’s, criticizing Biden’s perceived anti-crypto position and promising to ensure that crypto thrives under his leadership.
Trump’s endorsement comes when the Biden administration shows signs of a softened approach towards cryptocurrencies, notably with the recent approval of eight spot Ethereum ETF applications by the U.S. Securities and Exchange Commission (SEC). The industry is expected to play a major role in the upcoming elections, even though only a small percentage of Americans use or hold cryptocurrencies.
Reports indicate that crypto businesses are prepared to invest over $80 million in the 2024 elections. According to Chris Giancarlo, a former CFTC commissioner, Trump has been dubbed “America’s first crypto president” because his administration approved future Bitcoin contracts during his first year in office in 2017. While Biden’s administration has seen jurisdictional conflicts between the SEC and CFTC over crypto regulation, opinions are divided on whether Biden’s potential re-election would bring favorable legislation for the industry.
Conclusion
Donald Trump’s significant crypto holdings and his vocal support for the industry highlight the growing intersection between politics and digital assets. As the 2024 elections approach, the stance of political figures on cryptocurrency will likely influence both market dynamics and voter sentiment. Whether Trump’s pro-crypto position will sway the electorate remains to be seen, but it undeniably places cryptocurrency at the forefront of political discourse.
