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Assets Worth $10 Million Held in Donald Trump’s Crypto Wallet

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Former President Donald Trump is making headlines in the cryptocurrency world as reports suggest that his wallet holds assets valued at around $10 million. The wallet is said to contain MAGA tokens, Ethereum, and MAGA VP tokens. The majority of the value comes from TRUMP tokens, which are worth $7.12 million, along with 463.441 ETH and 1 million MAGA VP tokens. Despite a brief increase in total value to over $10 million, it currently sits at $9.95 million due to token price fluctuations. Trump’s involvement in cryptocurrency has put him among the top celebrities in terms of crypto assets.

Trump’s connection to the wallet was established through information in his financial statements filed in August 2023, where it was revealed that he had nearly $5 million in ETH and had earned around $4.9 million from the Trump Digital Trading Card NFT collection. This earns Trump the title of a “crypto whale.” His wallet has seen transactions such as selling off $2.4 million worth of ETH in December 2023. Trump’s support for cryptocurrency is evident in his recent speech at the Libertarian National Convention, where he criticized President Joe Biden’s alleged anti-crypto stance and expressed his willingness to support the industry.

The cryptocurrency industry is expected to play a significant role in the upcoming elections, with reports indicating that over $80 million will be invested by crypto businesses in the 2024 elections. Trump’s administration has been seen as more crypto-friendly compared to Biden’s, with Trump being nicknamed “America’s first crypto president.” Notably, his administration approved future Bitcoin contracts in 2017. The Biden administration has experienced conflicts between regulatory bodies regarding crypto regulation, leading to uncertainty about the future of the industry under Biden’s leadership.

Despite the support for cryptocurrencies, only a small percentage of Americans currently use or hold cryptocurrencies. However, with Trump’s endorsement and the growing interest in the industry, crypto is expected to have a significant impact on the 2024 elections. The recent approval of eight spot Ethereum ETF applications by the U.S. Securities and Exchange Commission under the Biden administration signals a potential shift towards a more favorable stance on cryptocurrencies. The outcome of the elections and the subsequent regulatory environment will significantly influence the future of cryptocurrencies and their adoption in the United States.

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