Once a crypto critic, Donald Trump amasses Ethereum worth millions
What's the story
Former US President Donald Trump, who previously criticized cryptocurrencies as a "scam," now owns between $1 million and $5 million in Ethereum. This information was revealed in his latest financial disclosure documents. The investment marks a significant shift from his previous stance on cryptocurrencies during his presidency. In 2019, Trump expressed concerns about the potential misuse of unregulated crypto assets for illegal activities such as drug trafficking.
Previous stance
Past skepticism toward cryptocurrencies
During his presidency, Trump was vocal about his skepticism toward cryptocurrencies. He stated on social media, "I am not a fan of Bitcoin and other cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air." He further emphasized the supremacy of the US dollar as the country's only real currency. In 2021, he reiterated this stance in an interview with Fox Business by labeling Bitcoin as a potential "disaster waiting to happen."
Change in perspective
Evolving stance on cryptocurrencies
Despite his past skepticism, Trump's views on cryptocurrencies appear to have significantly evolved. This June, he met with several Bitcoin mining executives and experts at Mar-a-Lago. Following the meeting, he posted on Truth Social that "Bitcoin mining may be our last line of defense against a CBDC." CBDC refers to a central bank digital currency—a digital coin issued by Federal Reserve. Trump also criticized President Joe Biden's apparent dislike for Bitcoin, suggesting it benefits China, Russia, and Radical Communist Left.
Scenario
Trump's campaign now accepts cryptocurrency donations
Last month, Trump headlined a Bitcoin conference in Nashville, pledging to make the US the "crypto capital of the planet and the Bitcoin superpower of the world" if reelected. His campaign has also started accepting cryptocurrency donations this year. This move further underscores his evolving stance on digital currencies. The latest actions indicate a significant shift in Trump's perspective on the role and value of cryptocurrencies in today's economy.