Foreign funds surge into Trump family's cryptocurrency holdings, significantly boosting their crypto wealth.
Revamped Article:
Hold onto your hats, folks! Here's the lowdown on how President Donald Trump and his brood are minting billions from the crypto world, according to State Democracy Defenders Action – a group that's all about giving autocrats a run for their money.
They're predicting that an astonishing 40% of Trump's net worth now hinges on digital assets, ringing up about $2.9 billion. And it's no mystery where this crypto jackpot is rooted – it comes from Trump's personal memecoins (think: Official Trump Trump-12.8% and Melania Melania Meme with a 13.94% prime rating), plus a hefty stake in World Liberty Financial (WLFI), a crypto exchange with ties to the Trumps, which popped up in 2024.
Now, you might be curious about Trump's endeavors in the memecoins market. Well, apparently the TRUMP coin just skyrocketed 73% due to dinner hype, but come July, we could be in for a wild ride. And here's something juicy: World Liberty Financial recently announced that MGX, a firm backed by Abu Dhabi, intends to pour a whopping $2 billion into the Trump-linked exchange by purchasing its new stablecoin, USD1.
Did you catch that? At Token2049, World Liberty Financial co-founder Zach Witkoff confirmed that USD1 has been picked as MGX's preferred stablecoin for its investment into Binance.
Trumps: In it Till the End
World Liberty's webpage is chock-full of Trumps – a family-tied entity owns a whopping 60% stake and lays claim to 22.5 billion $WLF tokens. But it's not just about the Trump fam. David Sacks, White House Crypto Czar, stands to profit from the USD1 stablecoin's custodial deal with BitGo, a company Sacks still owns a piece of. Yep, that's right – he managed to keep his BitGo stake thanks to a March 5 conflict-of-interest waiver from the White House Counsel.
And Sacks isn't the only one. Trump's Middle East Envoy, Steven Witkoff, is also in on WLFI, along with Trump's sons, though details about their financial contribution remain in the shadows. Leaving no stone unturned, Justin Sun, a top-dog in the crypto scene, swooped in to invest $30 million in $WLFI mere weeks after Trump won the 2024 presidential election. This move enabled a Trump-linked holding company to rake in 75% of the net protocol revenues. But how much coin will flow into Trump's pockets from MGX's investment? Well, wouldn't you know it – "a lot" seems like the safe bet.
As Trump's crypto realm expands, eyebrows are rising over conflicts of interest. Question marks pop up about the gradual weakening of oversight around the digital asset industry under Trump's administration, stirring murmurs of crypto cronyism.
And it's no secret: so far, the Trump administration's SEC has put the brakes on numerous lawsuits and investigations against crypto and blockchain companies, including Dragonchain, Coinbase, Gemini, Uniswa, and Ripple. Some argue Trump's strategy might have more to do with consolidating wealth, influence, and Mar-a-Lago dinner invites than promoting decentralization.
Endnote:While campaigning for the 2024 presidential election, Trump expressed a pro-crypto stance as an alternative to currency alternatives like China's yuan, though specific investment strategies remain under wraps. Speculation exists about potential crypto-based fundraising methods and policy shifts, with the potential for Trump-aligned projects to embrace non-fungible tokens and metaverses in the future. As always, it's essential to exercise caution and dig deep for verified information when investing in crypto memecoins.
- The State Democracy Defenders Action predicts that 40% of President Donald Trump's net worth is now tied to digital assets, amounting to approximately $2.9 billion.
- Trump's personal memecoins, such as the Official Trump Trump-12.8% and Melania Melania Meme, are contributing significantly to his crypto jackpot.
- In 2024, World Liberty Financial, a crypto exchange with ties to the Trumps, emerged, and a firm backed by Abu Dhabi, MGX, aims to invest $2 billion into this exchange by purchasing its new stablecoin, USD1.
- At Token2049, World Liberty Financial's co-founder Zach Witkoff confirmed that USD1 has been chosen as MGX's preferred stablecoin for its investment into Binance.
- World Liberty Financial's webpage reveals a family-tied entity owns a 60% stake and holds 22.5 billion $WLF tokens.
- David Sacks, White House Crypto Czar, stands to profit from the USD1 stablecoin's custodial deal with BitGo, a company he still owns a piece of.
- Trump's Middle East Envoy, Steven Witkoff, is also invested in WLFI, while Trump's sons' financial contributions are kept confidential.
- Just weeks after Trump won the 2024 presidential election, top-dog in the crypto scene, Justin Sun, invested $30 million in $WLFI.
- The Trump administration's SEC has reportedly slowed down numerous lawsuits and investigations against crypto and blockchain companies, including Dragonchain, Coinbase, Gemini, Uniswa, and Ripple.
- While campaigning for the 2024 presidential election, Trump expressed a pro-crypto stance, but specific investment strategies remain unknown, with speculation around potential crypto-based fundraising methods and policy shifts towards non-fungible tokens and metaverses in the future.
