The 'Cryptocurrency President' Donald Trump is said to have earned over 1 billion USD from cryptocurrency-related deals in less than a year, significantly increasing his net worth. According to a Forbes report published on June 5, Trump's net worth has now reached 5.6 billion USD, nearly half of which is liquid assets tied to cryptocurrency.
This public news once again puts Trump and his family in the spotlight of criticism. Many believe that while Trump pockets millions USD, numerous cryptocurrency investors are left empty-handed due to the pump and dump schemes associated with him. This also raises concerns about politicians holding large amounts of cryptocurrency assets in a context where the law has yet to establish specific regulations in this area.
The source of the enormous cryptocurrency income
Trump's profits from cryptocurrency come from selling tokens and holding memecoins. Reports indicate he earned 390 million USD (before taxes) from selling tokens of World Liberty Financial, a cryptocurrency platform tied to his personal brand. Additionally, he collected 315 million USD from memecoin TRUMP, and an additional 427 million USD from other memecoins.
Moreover, Trump is also said to be holding around 60 million USD in a new stablecoin called USD1 issued by World Liberty Financial. In total, his income from cryptocurrency is estimated at around 1.2 billion USD, with post-tax profits around 935 million USD.
The controversial private party
Trump's increasing ties to the cryptocurrency sector have drawn more attention, especially after the private party held at his golf course near Washington, D.C. on May 22. The event gathered 220 holders with the largest amount of TRUMP tokens. Among them was Justin Sun, the founder of Tron, who was reportedly holding tokens worth 18 million USD at that time.
Sun also invested 93 million USD in cryptocurrency projects related to Trump, including 75 million USD into World Liberty Financial. The involvement of a prominent foreign figure in projects related to a U.S. presidential candidate has raised concerns about potential foreign influence.
Ethical criticisms
The scale of Trump's cryptocurrency earnings has raised many questions about transparency and ethics. Many voices warn that large flows of money from foreign investors into projects related to presidential candidates could pose serious risks.
Investor and former White House official Anthony Scaramucci points out the growing inequality in the cryptocurrency ecosystem associated with Trump. Citing data from Chainalysis, he noted that there are 58 wallets that have earned over 10 million USD each from the memecoin TRUMP, with total profits reaching 1.1 billion USD. Meanwhile, around 764,000 wallets, mostly belonging to retail investors, are currently suffering losses.
Scaramucci also criticized the exclusivity of the May 22 event, where the 25 largest wallet holders were invited to the private party and given a tour of the White House, raising new concerns about insider privilege and favoritism.
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