Trump Familyโข reportedly Made Hundreds of millions from Crypto After Whiteโ House return
WASHINGTON D.C. โค- Members of Donaldโข Trump’sโ family reportedly profited significantly from cryptocurrency investments โคin the years โขfollowing his departure from the white House, earning hundreds of millions of dollars, according to โขa report by The Newโข York Times.The investments, made through limitedโฃ liability companies (LLCs), coincided with Trump’s public advocacy for the crypto industry adn occurred while he was no longer subject to the โฃrestrictions placed on presidents regarding personalโข financial dealings.
The report details how Donald Trump Jr., Eric Trump, and otherโค familyโค members โขinvested in several cryptocurrencies, including Bitcoinโ and Ethereum, as โขwell as newer tokens.These investments were allegedly managed through shell companies,โ obscuring the direct โขlink toโ the Trump family. Gains reportedly began to materialize after Trump left officeโ 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,โ particularlyโ given Trump’s repeated positive comments aboutโข cryptocurrency โคduring and after his presidency. While in office, Trump expressed skepticism towardsโฃ Bitcoin, but laterโ embraced the industry, calling it “fantastic” and suggesting the U.S. should compete with China inโ the โขcrypto space.
“Unlike longer standing digital assetsโค such as Bitcoin and Ethereum, theโ use case for meme coins are simply tools for speculation and exhibitโฃ significant volatility,” said Justin Arzadon,โค head of digital assets at Betashares, โin a recent interview with ABC News.โ “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’tโ likely to change.”
Bitcoin, the world’s most valuable digital token,โค has recently been trading close to $US110,000 per coin, after hitting a record high about $US125,000 earlier this month.
the Newโ York โTimes report notes that the Trump family’s financial activities are under increased scrutinyโ as Donald Trump campaigns โfor a second term in the White House. โThe report also highlights the complex regulatory landscape surrounding cryptocurrency โand the potential for conflicts of interest when public officials have personal financial stakes in the industry.