Donald Trump has just lately made headlines for his involvement with cryptocurrency. In early Might, he hosted an NFTs occasion the place he had dinner with supporters of certainly one of his NFTs initiatives. On the dinner, he voiced support for cryptocurrency and that he needed to create an surroundings the place cryptocurrency firms might function within the U.S. with out concern of regulation. These feedback got here after Trump made thousands and thousands on cryptocurrency from a handful of sources, all of which had been free donations.
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Trump first started incomes cryptocurrency in late 2022, following the discharge of the Trump Digital Buying and selling Playing cards NFTs assortment. The mission used Trump’s title, picture, and likeness to launch 45,000 NFTs priced at $99 every. Trump acquired royalties for permitting the corporate, Accumulate Trump Playing cards, to launch the gathering. In whole, Trump has acquired over 1,800 ETH from the mission.
In late 2023, Trump sold 1,075 of the ETH to generate proceeds of $2.4 million. Trump nonetheless owns over 800 ETH, at present price $2.4 million.
Nevertheless, the ETH is just not essentially a donation, as Trump earned the royalties by permitting one other firm to market the NFTs. Trump has earned greater than $5 million in donations from different cryptocurrency firms.
Trump acquired 580,000 Maga Coin (TRUMP) tokens when the mission launched in August 2023. The meme coin is targeted on offering Trump supporters with a token to spend money on that serves as “this kind of de facto betting market on the election for many investors,” in keeping with Steven Steele, the mission’s advertising and marketing director. The founders of the mission despatched the tokens to Trump as a advertising and marketing ploy to indicate their help for the previous president.
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When Trump first acquired the tokens they had been buying and selling for lower than $0.01 every, and the whole place was price only a few thousand {dollars}. Nevertheless, as Trump has continued to make headlines, a memecoin craze has occurred, and the presidential race heats up, the value of the token has surged.
In March 2024, the token reached an all-time excessive (ATH) of $11.56, which meant that Trump’s 580,000 tokens had been price over $6.7 million.
Whereas the value of the token has since fallen, it has remained effectively above the $5 stage and has carried out effectively in Might. The current spike in value was seemingly as a consequence of feedback Trump gave on the NFTs dinner occasion, the place he mentioned that “if you like crypto in any form, and it comes in a lot of different forms, you better vote for Trump.”
Trump’s present holdings in MAGA Coin are price over $5 million. Whereas it’s unclear whether or not or not Trump will promote the place and even is conscious of them, the quantity is actually noteworthy, contemplating that Trump’s election bid has raised over $200 million in whole.
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Donald Trump Received $5 Million In Crypto Donations — But Not For His Election Campaign www.benzinga.com 2024-05-16 18:48:48
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