Donald Trump Endorses Crypto and Highlights Personal Gains
Former U.S. President Donald Trump has publicly endorsed cryptocurrencies, emphasizing their personal financial benefits and suggesting that he would support the industry if re-elected. During an appearance on CNBC’s “Squawk Box,” Trump acknowledged the widespread use of cryptocurrencies and expressed his reluctance to take that away. He spoke favorably about his own experiences making money through licensed products, such as his NFT trading cards, which were available for purchase using various cryptocurrencies. Trump referred to cryptocurrencies as “crazy new currencies” and acknowledged their growing popularity.
At present, Trump holds approximately $8.7 million worth of crypto. These funds were generated from sales of his NFT trading cards and donations from the crypto community. The majority of these funds are held in MAGA, an independent Trump-themed meme coin that was sent to him last year. In December, Trump sold $2.4 million worth of ETH from the same wallet.
Trump’s Success with Limited Edition Sneakers
Trump also boasted about the success of his recent limited edition drop of Trump-themed golden sneakers, highlighting the utility of cryptocurrencies in these transactions. He claimed that people went crazy for these sneakers, and many were purchased using cryptocurrencies. However, it should be noted that Decrypt could not verify this claim, and it appears that the sneakers were only available for purchase with a credit card, not with any form of cryptocurrency.
The former president mentioned that a pair of his “Never Surrender High Top” shoes, originally priced at $399 per pair, recently resold for $450,000. This demonstrates the potential value appreciation associated with limited edition items.
Trump’s Changing Views on Crypto
Trump admitted that his recent experiences with cryptocurrencies have changed his perspective on this asset class. He now sees them as an additional form of currency, despite his previous preference for a single currency and his desire to prevent people from leaving the U.S. dollar. Trump acknowledged that cryptocurrencies have gained momentum and have become an integral part of the financial landscape.
Concerns about National Security
In his typical fashion, Trump raised concerns about nations transitioning from a U.S. dollar-backed economy to one more integrated with Bitcoin or another cryptocurrency. He warned that such a move could pose a significant threat to America’s global dominance. According to Trump, losing the U.S. dollar as the standard currency would be akin to losing a revolutionary war and would have severe consequences for the country.
Hot Take: Trump’s Public Endorsement of Crypto
Former U.S. President Donald Trump has made a rare public endorsement of cryptocurrencies, highlighting their personal financial benefits and expressing his openness to supporting the industry if re-elected. While acknowledging the widespread use of cryptocurrencies, Trump emphasized his own experiences making money through licensed products like NFT trading cards and limited edition sneakers. He admitted that his perspective on cryptocurrencies has evolved, recognizing them as an additional form of currency despite his concerns about countries shifting away from the U.S. dollar. However, he warned that such transitions could jeopardize America’s global dominance.
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