Donald Trump Got $5 Million in Crypto Donations, Not Linked to Campaign

by | May 17, 2024 | Cryptocurrency, News | 0 comments


Donald Trump has garnered significant attention for his engagement with the cryptocurrency sector, notably highlighted by an event in early May focused on Non-Fungible Tokens (NFTs). During a dinner with supporters of his NFT project, Trump expressed his support for the cryptocurrency industry, stating his desire to foster a regulatory-friendly environment for crypto businesses in the U.S. This stance aligns with his previous involvement in generating substantial earnings from cryptocurrency through various avenues, primarily from free donations not linked to his election campaign.

Trump’s journey into cryptocurrency began in late 2022 with the launch of Trump Digital Trading Cards NFTs. This collection, which utilized Trump’s name, image, and likeness, consisted of 45,000 NFTs priced at $99 each. For his endorsement, Trump received royalties from Collect Trump Cards, the company behind the release. From this arrangement, Trump accumulated over 1,800 Ethereum (ETH), a substantial part of his crypto assets.

By the end of 2023, Trump had converted 1,075 ETH into approximately $2.4 million. He retains over 800 ETH, valued at another $2.4 million. However, these royalties are not considered donations since they were earned through a contractual agreement for the use of his image in marketing the NFTs.

Beyond these earnings, Trump received significant cryptocurrency donations, including 580,000 MAGA Coin (TRUMP) tokens during the coin’s launch in August 2023. This meme coin, aimed at Trump supporters, represents a sort of investment tied to political sentiment. The tokens were initially sent to Trump by the project’s founders as a promotional gesture.

Initially, the MAGA Coin tokens held minimal value, trading for less than $0.01 each. Yet, as Trump remained a fixture in the media and the presidential race intensified, sparking a memecoin craze, the value of these tokens surged dramatically. By March 2024, the token price hit an all-time high of $11.56, bringing the valuation of Trump’s holdings to over $6.7 million.

Despite a price correction, the value of MAGA Coin has consistently stayed above $5, performing well into May. Trump’s supportive comments at the NFT dinner likely played a role in this price increase. Currently, Trump’s MAGA Coin assets are valued at over $5 million. While it remains uncertain whether Trump will liquidate this position or if he actively monitors it, the value of these holdings is notable against the backdrop of his campaign’s substantial fundraising efforts, which have exceeded $200 million.

How useful was this post?

Click on a star to rate it!

Average rating 0 / 5. Vote count: 0

No votes so far! Be the first to rate this post.


Submit a Comment

Your email address will not be published. Required fields are marked *