Donald Trump Says He Has 'Fun' With Crypto, Despite Losing Over $3 Million In 60 Days

05/01/2024 03:04

Republican presidential nominee Donald Trump has benefited from numerous crypto projects over the past few years and has accepted crypto as payment. But lately, his crypto portfolio has seen a downturn and is currently worth millions of dollars less than earlier this year. Trump began earning crypto as royalties from the Trump Digital Trading Cards non-fungible token (NFT) collection, which used his name to sell 45,000 NFTs for $99 each. Trump has earned more than 1,700 Ethereum (ETH) from the p

Republican presidential nominee Donald Trump has benefited from numerous crypto projects over the past few years and has accepted crypto as payment.

But lately, his crypto portfolio has seen a downturn and is currently worth millions of dollars less than earlier this year.

Trump began earning crypto as royalties from the Trump Digital Trading Cards non-fungible token (NFT) collection, which used his name to sell 45,000 NFTs for $99 each. Trump has earned more than 1,700 Ethereum (ETH) from the project. He sold 1,075 of the tokens in late 2023 to generate proceeds of $2.4 million.

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More recently, Trump released a collection of 1,000 sneakers at a Sneaker Con in Philadelphia. The shoes, which were released at $399 per pair, sold out quickly.

"Sometimes we'll let people pay through Bitcoin ... it's an additional form of currency...so many [of the sneakers] were paid for with the ... cryptocurrency," Trump said. “I make money with it, I have fun with it too. Crazy new currencies, that’s what I call them. They’re crazy new currencies, whether it’s Bitcoin or others."

One "crazy new currency" that Trump has made millions on is MAGA Coin (TRUMP). The token, released last August, has increased from less than $0.01 at launch to an all-time high (ATH) of over $11.50. At launch, the creators of the project gifted Trump 580,000 tokens, which were worth just a few thousand dollars at the time. At TRUMP's highs, the position was worth over $6.7 million.

The price of TRUMP has since fallen considerably, and the TRUMP tokens are worth around $2.5 million.

Trump has lost $3.3 million since early March. Trump's crypto portfolio was worth over $8.5 million around the time that TRUMP hit ATHs and ETH was closing in on $4,000. TRUMP has fallen in value by over 50% since then, and ETH also has lost a decent amount of value.

Trump's portfolio consists mostly of ETH and TRUMP, but he also holds over 60 other meme coins that presumably were sent to him by fans. These holdings make up just a small portion of the $5.3 million wallet address.

While Trump claims to be having "fun" with "crazy new currencies," he is seeing the value of his portfolio go down by a considerable amount. The losses are on paper and are not realized. Trump will likely continue to hold the position, which could be a useful asset for paying off mounting legal fees and penalties.

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This article Donald Trump Says He Has 'Fun' With Crypto, Despite Losing Over $3 Million In 60 Days originally appeared on Benzinga.com