September 22, 2023

Former President Donald Trump, who has been a vocal critic of cryptocurrency previously, has disclosed that he holds as much as $500,000 in Ethereum.

The disclosure was made in a monetary submitting submitted to the Workplace of Authorities Ethics. The submitting lists a “cryptocurrency pockets (Ethereum)” with a worth between $250,000 and $500,000.

The pockets seems to be linked to a line of non-fungible tokens (NFTs) that Trump’s marketing campaign launched in December 2022. The NFTs, which function illustrations of Trump in varied poses, offered for $99 every.

Learn Additionally: Florida Governor Ron DeSantis Says Bitcoin (BTC) Is Welcome

Trump’s possession of a crypto pockets is at odds together with his previous statements about cryptocurrency. In July 2019, he tweeted that he was “not an enormous fan of Bitcoin and different cryptocurrencies.” He has additionally referred to as Bitcoin a “rip-off” and mentioned that he doesn’t prefer it as a result of it competes with the US greenback.

Trump’s change of coronary heart on cryptocurrency could also be as a result of the truth that he has been elevating cash for his 2024 presidential marketing campaign. NFTs have turn into a well-liked approach for celebrities and politicians to lift cash, and Trump could have seen a chance to money in on the pattern.

Trump’s disclosure can also be notable as a result of it comes at a time when cryptocurrency is dealing with rising scrutiny from regulators. The US Securities and Change Fee has cracked down on a number of cryptocurrency corporations, and the Biden administration has mentioned that it’s contemplating regulating cryptocurrency extra closely.

It stays to be seen whether or not Trump’s funding in cryptocurrency will repay. The worth of cryptocurrency is unstable, and it’s potential that Trump’s funding might lose worth sooner or later. Nevertheless, if cryptocurrency continues to develop in recognition, Trump might stand to make a big revenue.

Different Crypto-Pleasant Republicans

Trump’s stance on cryptocurrency is in distinction to that of many different Republicans. In current months, a number of GOP lawmakers have expressed help for cryptocurrency, together with Florida Governor Ron DeSantis and Miami Mayor Francis Suarez.

DeSantis has mentioned that he desires Florida to be a “cryptocurrency hub,” and he has signed laws that makes it simpler for companies to just accept cryptocurrency funds. Suarez has additionally been a vocal advocate for cryptocurrency, and he has even provided to pay metropolis workers in Bitcoin (BTC).

These pro-crypto stances from Republican lawmakers are an indication that the celebration is changing into extra open to the nascent expertise. It stays to be seen whether or not this pattern will proceed, however it’s clear that cryptocurrency is gaining traction amongst Republicans.

Democrats Additionally Getting In on the Crypto Motion

To not be outdone, some Democrats are additionally getting in on the crypto motion. Lengthy-shot Democratic presidential candidate Robert F. Kennedy Jr. has mentioned that he and his household personal about 14 Bitcoin.

Kennedy shouldn’t be the one Democrat who’s concerned about cryptocurrency. Senator Elizabeth Warren has mentioned that she is open to the thought of regulating cryptocurrency, and Senator Kirsten Gillibrand has mentioned that she desires to make it simpler for People to spend money on cryptocurrency.

The rising curiosity in cryptocurrency amongst each Republicans and Democrats is an indication that the expertise is changing into extra mainstream. It stays to be seen what the long-term implications of this pattern can be, however it’s clear that cryptocurrency is right here to remain.

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