Donald Trump, a prominent Republican presidential candidate, is reported to have a cryptocurrency wallet holding assets worth approximately $10 million. The wallet, linked to Trump, contains significant amounts of MAGA tokens, Ethereum (ETH), and MAGA VP tokens, according to blockchain data tracked by Arkham Intelligence.
The wallet primarily holds TRUMP tokens valued at $7.12 million, which were initially purchased using wrapped ether (WETH) on Uniswap. In addition, it holds 463.441 ETH, worth around $1.84 million, and 1 million MAGA VP tokens, estimated to be worth $509,000.
Although the wallet’s total value exceeded $10 million earlier today, it currently stands at $9.95 million due to fluctuations in token prices. Arkham Intelligence noted that much of the wallet’s value comes from appreciating assets, particularly MAGA tokens, which are trading at $12.03, reflecting a 3.16% increase in the past 24 hours.
Trump’s involvement in cryptocurrency has been remarkable, placing him among the top celebrities in terms of crypto assets. He surpasses figures like Justin Bieber, Kevin Hart, and Jimmy Fallon. The connection between the wallet and Trump was established through information in his financial statements filed in August 2023.
At the time of the initial connection, Trump’s wallet held nearly $5 million in ETH and had earned approximately $4.9 million from the Trump Digital Trading Card NFT collection. His presence in the crypto world has earned him the title of a “crypto whale.” In December 2023, the wallet sold off $2.4 million worth of ETH.
Trump’s support for cryptocurrencies has been evident recently, as he expressed strong support for the industry during a speech at the Libertarian National Convention. He contrasted his stance with President Joe Biden’s perceived anti-crypto position and promised to ensure that crypto thrives under his leadership.
This endorsement comes at a time when the Biden administration is showing signs of a more positive approach towards cryptocurrencies, as evidenced by the recent approval of eight spot Ethereum ETF applications by the U.S. Securities and Exchange Commission (SEC).
Although only a small percentage of Americans use or hold cryptocurrencies, the industry is expected to play a significant role in the upcoming elections. Reports indicate that crypto businesses are prepared to invest over $80 million in the 2024 elections.
According to Chris Giancarlo, a former CFTC commissioner, Trump has been labeled “America’s first crypto president” because his administration approved future Bitcoin contracts during his first year in office in 2017. The potential re-election of Biden brings uncertainty regarding favorable legislation for the industry, as there have been jurisdictional conflicts between the SEC and CFTC over crypto regulation during his administration.