Trump Family reportedly Made Hundreds of millions from Crypto After White House return
WASHINGTON D.C. - Members of Donald Trump’s family reportedly profited significantly from cryptocurrency investments in the years following his departure from the white House, earning hundreds of millions of dollars, according to a report by The New York Times.The investments, made through limited liability companies (LLCs), coincided with Trump’s public advocacy for the crypto industry adn occurred while he was no longer subject to the restrictions placed on presidents regarding personal financial dealings.
The report details how Donald Trump Jr., Eric Trump, and other family members invested in several cryptocurrencies, including Bitcoin and Ethereum, as well as newer tokens.These investments were allegedly managed through shell companies, obscuring the direct link to the Trump family. Gains reportedly began to materialize after Trump left office in January 2021, as the cryptocurrency market experienced a period of significant growth.
The timing of the investments and subsequent profits has raised ethical questions, particularly given Trump’s repeated positive comments about cryptocurrency during and after his presidency. While in office, Trump expressed skepticism towards Bitcoin, but later embraced the industry, calling it “fantastic” and suggesting the U.S. should compete with China in the crypto space.
“Unlike longer standing digital assets such as Bitcoin and Ethereum, the use case for meme coins are simply tools for speculation and exhibit significant volatility,” said Justin Arzadon, head of digital assets at Betashares, in a recent interview with ABC News. “The reality is that many investors in recent years have nursed losses in attempts to time the market in speculative meme coins and this isn’t likely to change.”
Bitcoin, the world’s most valuable digital token, has recently been trading close to $US110,000 per coin, after hitting a record high about $US125,000 earlier this month.
the New York Times report notes that the Trump family’s financial activities are under increased scrutiny as Donald Trump campaigns for a second term in the White House. The report also highlights the complex regulatory landscape surrounding cryptocurrency and the potential for conflicts of interest when public officials have personal financial stakes in the industry.
