Trump’s Crypto Revelation: Embracing ‘Crazy New Currencies’ Amid Warnings of Economic Fallout
Former U.S. President Donald Trump surprised many with a rare public endorsement of cryptocurrencies on Monday, acknowledging the financial benefits he personally derived from the crypto space. In a candid interview on CNBC’s “Squawk Box,” Trump expressed his positive experiences and newfound appreciation for the world of crypto.
Crypto Endorsement and Personal Gains
During the interview, Trump admitted, “There has been a lot of use of [crypto], and I’m not sure that I’d want to take that away at this point.” He highlighted his personal engagement with crypto, citing the success of his NFT trading cards available for purchase in various cryptocurrencies. “I make money with it, I have fun with it too,” Trump declared, referring to cryptocurrencies as “Crazy new currencies.”
As of now, Trump reportedly holds around $8.7 million worth of crypto, largely accumulated from the sales of his NFT trading cards and donations from the crypto community. His wallet includes holdings in MAGA, an independent Trump-themed meme coin. In December, Trump cashed out $2.4 million worth of ETH from the same wallet.
Cryptocurrency Utility in Business Ventures
Trump further illustrated the utility of cryptocurrencies in his recent limited edition drop of Trump-themed golden sneakers. While boasting about the sneakers’ success, he claimed that many were purchased using cryptocurrency, specifically mentioning a pair reselling for a staggering $450,000. However, Decrypt was unable to verify this claim, and it appears the sneakers were initially available only for purchase with a credit card.
Despite once being skeptical about crypto, Trump acknowledged its evolving role, stating, “If you think [about] it, it’s an additional form of currency.” He emphasized that crypto has taken on a life of its own and now represents a significant financial instrument.
A Warning on Crypto’s Global Impact
In classic Trump fashion, the former president made a somber prediction about nations embracing cryptocurrencies over a U.S. dollar-backed economy. He warned against the potential fallout, stating, “When we lose that standard, that will be like losing a revolutionary war. That will be a hit to our country just like losing a war.” Trump firmly expressed his opposition to countries moving away from the U.S. dollar, portraying such a shift as a threat to America’s global dominance.
Trump’s contradictory stance—from embracing crypto’s benefits to cautioning against its broader adoption—reflects the evolving landscape of digital currencies and their impact on traditional economic structures. As the crypto world continues to captivate leaders and investors alike, Trump’s latest remarks underscore the ongoing debate surrounding the role of cryptocurrencies in shaping the future of finance.
Former U.S. President Donald Trump surprised many with a rare public endorsement of cryptocurrencies on Monday, acknowledging the financial benefits he personally derived from the crypto space. In a candid interview on CNBC’s “Squawk Box,” Trump expressed his positive experiences and newfound appreciation for the world of crypto. Crypto Endorsement and Personal Gains During the…