Donald Trump has recently made news for his involvement in the cryptocurrency world. In early May, he hosted an event centered around NFTs, where he dined with supporters of one of his NFT projects.
During this dinner, he expressed his support for cryptocurrency and emphasized his desire to create a regulatory-friendly environment in the U.S. for crypto companies. These remarks followed Trump’s significant earnings from cryptocurrency, which largely came from various sources as free donations.
Trump started earning cryptocurrency in late 2022 with the launch of the Trump Digital Trading Cards NFT collection. This project featured 45,000 NFTs priced at $99 each, using Trump’s name, image, and likeness. He earned royalties through this venture, accumulating over 1,800 ETH.
By late 2023, Trump had sold 1,075 ETH, generating $2.4 million, while still holding over 800 ETH worth another $2.4 million. These royalties were earned through a legitimate business arrangement with Collect Trump Cards, not just as donations. Additionally, Trump has received more than $5 million in donations from other cryptocurrency entities.
In August 2023, Trump was given 580,000 Maga Coin (TRUMP) tokens when the project launched. This meme coin aims to provide Trump supporters with an investment token, acting as a “de facto betting market on the election,” according to the project’s marketing director, Steven Steele. The tokens were sent to Trump as a show of support from the project’s founders.
Initially, the tokens were worth less than $0.01 each, valuing Trump’s position at just a few thousand dollars. However, as Trump continued to capture headlines and the presidential race intensified, the token’s value surged. In March 2024, the token hit an all-time high of $11.56, making Trump’s 580,000 tokens worth over $6.7 million.
Although the token’s price has dropped since, it remains well above $5 and performed strongly in May, likely boosted by Trump’s remarks at the NFT dinner event where he encouraged crypto enthusiasts to support him. Trump’s current holdings in MAGA Coin are valued at over $5 million. While it’s uncertain if Trump plans to sell these tokens or is even fully aware of them, the amount is significant, especially considering his election campaign has raised over $200 million.
