Former President Donald Trump, who has been a vocal critic of cryptocurrency in the past, has disclosed that he holds up to $500,000 in Ethereum.
The disclosure was made in a financial filing submitted to the Office of Government Ethics. The filing lists a “cryptocurrency wallet (Ethereum)” with a value between $250,000 and $500,000.
The wallet appears to be connected to a line of non-fungible tokens (NFTs) that Trump’s campaign launched in December 2022. The NFTs, which feature illustrations of Trump in various poses, sold for $99 each.
Read Also: Florida Governor Ron DeSantis Says Bitcoin (BTC) Is Welcome
Trump’s ownership of a crypto wallet is at odds with his past statements about cryptocurrency. In July 2019, he tweeted that he was “not a big fan of Bitcoin and other cryptocurrencies.” He has also called Bitcoin a “scam” and said that he doesn’t like it because it competes with the US dollar.
Trump’s change of heart on cryptocurrency may be due to the fact that he has been raising money for his 2024 presidential campaign. NFTs have become a popular way for celebrities and politicians to raise money, and Trump may have seen an opportunity to cash in on the trend.
Trump’s disclosure is also notable because it comes at a time when cryptocurrency is facing increasing scrutiny from regulators. The US Securities and Exchange Commission has cracked down on several cryptocurrency companies, and the Biden administration has said that it is considering regulating cryptocurrency more heavily.
It remains to be seen whether Trump’s investment in cryptocurrency will pay off. The value of cryptocurrency is volatile, and it is possible that Trump’s investment could lose value in the future. However, if cryptocurrency continues to grow in popularity, Trump could stand to make a significant profit.
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Other Crypto-Friendly Republicans
Trump’s stance on cryptocurrency is in contrast to that of many other Republicans. In recent months, several GOP lawmakers have expressed support for cryptocurrency, including Florida Governor Ron DeSantis and Miami Mayor Francis Suarez.
DeSantis has said that he wants Florida to be a “cryptocurrency hub,” and he has signed legislation that makes it easier for businesses to accept cryptocurrency payments. Suarez has also been a vocal advocate for cryptocurrency, and he has even offered to pay city employees in Bitcoin (BTC).
These pro-crypto stances from Republican lawmakers are a sign that the party is becoming more open to the nascent technology. It remains to be seen whether this trend will continue, but it is clear that cryptocurrency is gaining traction among Republicans.
Democrats Also Getting In on the Crypto Action
Not to be outdone, some Democrats are also getting in on the crypto action. Long-shot Democratic presidential candidate Robert F. Kennedy Jr. has said that he and his family own about 14 Bitcoin.
Kennedy is not the only Democrat who is interested in cryptocurrency. Senator Elizabeth Warren has said that she is open to the idea of regulating cryptocurrency, and Senator Kirsten Gillibrand has said that she wants to make it easier for Americans to invest in cryptocurrency.
The growing interest in cryptocurrency among both Republicans and Democrats is a sign that the technology is becoming more mainstream. It remains to be seen what the long-term implications of this trend will be, but it is clear that cryptocurrency is here to stay.
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