US presidential candidate and now pro-cryptocurrency Donald Trump took a huge loss with his cryptocurrency portfolio. According to an article on the website Benzinga, Trump’s cryptocurrency portfolio was worth around $8 million, but has now fallen to $5.3 million.
In other words, it recorded a loss of more than US$3 million according to the website’s calculations. Most of the losses occurred as a result of the reduction of Ether (ETH) and NFTs present in the wallet during the previous month.
According to reports, Donald Trump, the former president, attracted media attention for several reasons, but his involvement with cryptocurrencies is among the most intriguing and surprising.
At the end of last year, Trump reported sales of $2.4 million in ETH. The billionaire became a cryptocurrency holder and even launched his official collection of NFTs.
Last year, Trump made millions of dollars in cryptocurrencies, but his portfolio fluctuated due to increased volatility in the market. Interestingly, the billionaire even called Bitcoin (BTC) a “scam” in the past, but surrendered to ETH and NFTs.
NFT Collection
Trump’s holdings in the cryptocurrency market began to increase with the introduction of his NFT collection, Trump Digital Trading Cards. Launching in December 2022, the collection sold around 45,000 NFTs for $99 each.
NFTs consist of images of Trump, for which the billionaire and former president receives royalties based on trading volumes. From NFTs, Trump received more than 1,800 ETH and also in Wrapped Ether (WETH).
Among the NFTs in the collection, some show Trump dressed as a superhero, welder or hunter. The launch of the collection created speculative waves across the market, which led to NFTs selling out in just 24 hours.
So in April 2023, Trump and his business partner, NFT INC LLC, released a second batch. This batch also sold out at record speed. According to Forbes, more than US$8.9 million was raised from collection sales.
On his tax return, Trump claims $298,000 in royalties from licensing his image.
Are cryptocurrencies Trump’s trump card?
Trump’s recent pro-cryptocurrency stance has kept voters who invest in these assets interested in his future policies for the segment. Trump is the favorite in the polls to win the elections, which means he could be in charge of legislating on the sector from 2025.
In this sense, cryptocurrency enthusiasts expect a different stance from the administration of current President Joe Biden, marked by toughness in relation to cryptocurrency rules. However, Trump’s stance should become clearer after the start of the presidential campaign.
According to a survey by Coinbase and Morning Consult, 22% of respondents who owned Bitcoin identified as Democrats, 18% as Republicans, and 22% as independents.
Source: https://www.criptofacil.com/donald-trump-perde-us-3-milhoes-com-criptomoedas-em-marco/
