In a recent report by Fortune, significant details emerged about President Donald Trump’s growing entanglement with the cryptocurrency industry, as disclosed in his first financial report since taking office.
The report highlights various aspects of his business interests, including golf courses, sponsorship deals, and his publicly traded media group. Notably, it sheds light on Trump’s crypto platform, World Liberty Financial (WLFI), which was announced by his sons last summer.
Based on previous sales, which valued the tokens between $1.5 and $0.5, Trump’s holdings could potentially be worth close to $1 billion, although the tokens are not currently trading, as estimated by Bloomberg.
Before his recent campaign, Trump expressed skepticism about cryptocurrencies, famously labeling Bitcoin (BTC) a “scam” just a few years ago. However, during his last campaign, he began to embrace blockchain technology, promising to be the first president to support the industry.
Announced by his son Eric Trump last August, the World Liberty Financial platform aims to herald a “new era of finance,” although its specific functions remain somewhat unclear to date.
In recent months, World Liberty has rolled out several products, including governance tokens and a dollar-pegged stablecoin named USD1. This stablecoin has garnered attention as it was utilized by an Emirati investment firm to inject $2 billion into Binance, one of the world’s largest crypto exchanges.
It is believed that Trump’s organization owns about 80% of the total supply of this memecoin. In May, Trump hosted a dinner for top memecoin holders, an event that sparked criticism from lawmakers, particularly Democrats.
Featured image from Bloomberg, chart from TradingView.com
