Former U.S. President and presidential candidate Donald Trump’s cryptocurrency holdings reached $10 million on Monday morning, according to crypto analytics firm Arkham’s onchain tool. The bulk of Trump’s holdings, $7.3 million, is in the TRUMP coin. Trump has pledged to support the crypto industry, promising to halt President Joe Biden’s anti-crypto initiatives and protect bitcoin.

Trump’s Crypto Wealth Hit $10 Million

Crypto analytics firm Arkham Intelligence disclosed on Monday that presidential candidate and former U.S. President Donald Trump’s crypto holdings have exceeded $10 million, according to its tracking tool. Arkham wrote on social media platform X:

Donald Trump’s on-chain holdings surpassed $10 million this morning, mainly fuelled by the rise in price of the TRUMP coin — of which Trump currently holds $7.3M.

Trump has recently changed his stance on cryptocurrency. As President, he stated he was “not a fan of bitcoin and other cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air.” At the Libertarian National Convention in Washington, D.C., on Saturday, Trump vowed to “stop Joe Biden’s crusade to crush crypto” and “ensure that the future of crypto and the future of bitcoin will be made in the USA, not driven overseas.” He also pledged to “support the right to self-custody” and “never allow the creation of a central bank digital currency [CBDC].” Additionally, he promised to free Ross Ulbricht. Following his remarks at the Libertarian convention, the meme coin maga (TRUMP) surged 31.7% against the U.S. dollar within 24 hours.

Moreover, Trump’s campaign recently began accepting crypto donations through Coinbase. Former Commodity Futures Trading Commission (CFTC) Chairman Christopher Giancarlo considers Trump America’s first crypto president, highlighting that bitcoin futures were approved during his administration. Since leaving office, Trump has launched three non-fungible token (NFT) collections. In March, he referred to bitcoin as an additional form of currency. In February, he acknowledged the crypto’s popularity, stating that BTC has taken on a life of its own and he can live with it.

Several analysts view Trump’s potential return to the White House as positive for crypto. Standard Chartered Bank, for example, believes that a second Trump term would be “broadly positive” for the crypto industry.

Source : Bitcoin News / May 28, 2024