Donald Trump Backs Cryptocurrency, Did Not Make Profit

eek. He further stated, “I think cryptocurrency is important because if we don’t do it, China will. This is an emerging thing that’s very popular and that’s hot.” Trump expressed his belief that cryptocurrency has outperformed other market aspects during times of market downturns.
Trump emphasized the significance of cryptocurrency and highlighted its widespread adoption as key reasons for his support. He also criticized the Biden administration for its initial stance against cryptocurrency, suggesting that their later softening of position was politically motivated.
Donald Trump Denies Benefiting from Presidency or Cryptocurrency
During the same interview, Trump refuted claims of profiting from his presidency, including his involvement with the memecoin $TRUMP. Recent data from Chainalysis indicated that in just two days, Trump and his associates earned approximately $900,000 in transaction fees from $TRUMP. The surge in activity was driven by an announcement on the memecoin’s website that the top 220 $TRUMP holders would have the opportunity to dine with President Trump.
When asked about benefiting financially from his presidency, Trump denied these allegations. Despite the surge in TRUMP token prices following the dinner announcement, Trump stated that he had not profited from it. He also suggested that like owning stocks in a company, if the stock market performed well, it could be considered profiting.
Following the announcement of the dinner opportunity, the TRUMP token’s price increased by over 50%. Reports indicated that around 80% of the TRUMP token’s supply was controlled by the Trump organization and its affiliates.
Current Price of $TRUMP Memecoin on Coinmarketcap
Since Trump’s first term, accusations of Trump and his family members profiting from the presidency have surfaced multiple times. Democratic Senator Elizabeth Warren raised concerns over potential conflicts of interest regarding Trump’s crypto ventures and called for a congressional investigation to determine if Trump was involved in insider trading or market manipulation.
Additionally, Warren’s questioning extended to David Sacks’ crypto ties amidst policy concerns.
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Ritu Lavania

Ritu Lavania is a multifaceted Web3 content creator with over three years of experience in the crypto domain. Specialized in creating engaging content for various audiences, she excels in research, creative writing, SEO, and cross-functional collaboration. She is an advocate for animal rights and education causes and derives pleasure from composing poetry and interpreting abstract art.