According to a report by the Financial Times, President Trump’s family has earned $1 billion in pre-tax gains from crypto dealings over the last year. Trump has been a very vocal supporter of the digital industry. He even went as far as to enable crypto payments for donations to his Presidential campaign.
How Did Trump Earn $1 Billion From Crypto?
Trump’s crypto ventures include memecoins, stablecoins, trading cards, and DeFi platforms. According to the Financial Times report, the Official Trump (TRUMP) and Melania Meme (MELANIA) coins earned around $427 million. On the other hand, the Trump-backed World Liberty Financial (WLFI) earned around $550 million. World Liberty Financial also launched the USD1 stablecoin, which has raised $2.71 billion in reserves and fees.
The Trump family’s cryptocurrency empire has seen inflows from several private investors. TRON founder Justin Sun poured $75 million into WLFI. However, Sun was barred from transferring WLFI tokens from his wallet.
The family also runs the Trump Media & Technology Group (TMTG). The firm, which was previously running at a loss, has raised billions this year to launch a utility token and a digital wallet.
Trump and his family have been very vocal about their love for the crypto space. Trump’s pro-cryptocurrency stance has led to a substantial rise in the industry’s popularity. At the Token2049 event in Singapore, Donald Trump Jr. stated, “My father was the first guy to run as sort of a pro crypto president. He saw the need.“
Also Read: Trump Coin Falling Out Of Top 100 Projects: Is The Coin Dead?
Despite earning massive returns, Official Trump (TRUMP) and Melania Meme (MELANIA) have experienced massive price corrections over the last few months. TRUMP’s price climbed to an all-time high of $73.43 on Jan. 19, the day of President Trump’s inauguration. MELANIA, on the other hand, hit a peak of $13.05 on Jan. 20. TRUMP and MELANIA are currently down by 91.7% and 99.1% from their respective peaks.