How cryptos made cash-starved Donald Trump richer by $1 billion in just nine months
From NFTs to Memecoins: Trump's Crypto Journey
Live Events
World Liberty Financial and the Rise of a Stablecoin
The $TRUMP Memecoin Explosion
Scrutiny and Defense
(You can now subscribe to our
(You can now subscribe to our Economic Times WhatsApp channel
US President Donald Trump has earned an estimated $1 billion in just nine months through a series of crypto ventures, according to Forbes. The windfall has reportedly boosted his net worth to $5.6 billion.Trump's ventures span a range of crypto products—from NFTs and memecoins to a stablecoin project under World Liberty Financial . These initiatives have not only enriched him personally but also provided critical liquidity as he faces mounting legal judgments. As per the Forbes reoort, Trump was short on cash a year ago with about $400 million on his balance sheet and more than $500 million in legal judgments against him. "Now, however, Trump holds roughly $900 million of liquid assets, about half of which come from crypto ventures," the report added.Trump's crypto foray began in December 2022 with the launch of his "Donald Trump Digital Trading Card " collection. Promoted via a 'MAJOR ANNOUNCEMENT!' on Truth Social, the cards—depicting Trump in superhero poses—were priced at $99 each.'GET YOUR CARDS NOW! Only $99 each!' he posted.Despite public mockery, the NFT launch proved to be a success, pulling in $4.4 million in sales on the first day. Trump received at least $7 million through a licensing deal paid in both cash and crypto. The success marked a turning point for Trump, who had once dismissed crypto as 'highly volatile and based on thin air.'Ahead of the 2024 election, Trump introduced World Liberty Financial, branding it as a step toward making America the "crypto capital of the world."'I promised to Make America Great Again, this time with crypto,' he declared.Through the project, Trump's company retained 75% ownership after the initial $30 million in token sales, led by crypto investor Justin Sun, who added another $45 million following Trump's election win. Total token sales reportedly reached $550 million, potentially funneling $390 million to Trump.World Liberty Financial also launched a stablecoin named USD1, which has grown to a $2.2 billion market cap. A firm tied to the president of the United Arab Emirates even planned to use the Trump coin for a $2 billion investment in Binance, underscoring its global reach.Just days before taking office, Trump announced the launch of $TRUMP, a memecoin with a disclaimer noting it was 'not intended to be an investment opportunity.' Nevertheless, the token generated an estimated $350 million in trading fees and stablecoin revenue for Trump and his partners.The initial release included 200 million tokens, with a deal structure granting access to another 800 million over time. So far, Trump's team has unlocked 64 million tokens, roughly 8% of the total, which—at a current price of $11 per token—could be worth around $700 million.The surge in Trump's crypto wealth has raised questions about potential conflicts of interest, particularly as crypto companies pour millions into influencing the 2024 election. Critics argue that Trump's ventures blur the lines between business and politics.Still, the White House has dismissed the concerns. Press Secretary Karoline Leavitt stated:'It's absurd for anyone to insinuate that this president is profiting off of the presidency. This president was incredibly successful before giving it all up to serve our country.'As crypto continues to shape political fundraising and financial strategy, Trump's success in the space may set a precedent for future candidates seeking both influence and income in the digital age.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
28 minutes ago
- Time of India
Trump-Musk Break Up Drama Gets UGLIER: Trump Warns Of ‘Severe Consequences
/ Jun 08, 2025, 02:47AM IST U.S. President Donald Trump has issued a sharp warning to Elon Musk over alleged political funding. In a recent interview, Trump said Musk would face 'very serious consequences' if he backs Democrats. The remarks follow a series of public jabs between the two, including accusations and social media posts. Watch.
Hindustan Times
37 minutes ago
- Hindustan Times
Protesters rally against ICE for second day in Los Angeles
LOS ANGELES -Federal agents in Los Angeles on Saturday faced off against demonstrators protesting immigration raids following Friday's protests that senior White House aide Stephen Miller condemned as an "insurrection" against the United States. The security agents on Saturday engaged in a tense confrontation with protesters in the Paramount area in southeast Los Angeles, where one demonstrator was seen waving a Mexican flag and some covered their mouths with respiratory masks. A live video feed showed dozens of green-uniformed security personnel with gas masks lined up on a road strewn with overturned shopping carts as small canisters exploded into gas clouds. A first round of protests kicked off on Friday night after Immigration and Customs Enforcement agents conducted enforcement operations in the city and arrested at least 44 people on alleged immigration violations. The Department of Homeland Security said in a statement that "1,000 rioters surrounded a federal law enforcement building and assaulted ICE law enforcement officers, slashed tires, defaced buildings, and taxpayer funded property." Reuters was unable to verify DHS's accounts. Miller, an immigration hardliner and the White House deputy chief of staff, wrote on X that Friday's demonstrations were "an insurrection against the laws and sovereignty of the United States." The protests pit Democratic-run Los Angeles, where census data suggests a significant portion of the population is Hispanic and foreign-born, against Trump's Republican White House, which has made cracking down on immigration a hallmark of his second term. Trump has pledged to deport record numbers of people in the country illegally and lock down the U.S.-Mexico border, with the White House setting a goal for ICE to arrest at least 3,000 migrants per day. But the sweeping immigration crackdown has also included people legally residing in the country, including some with permanent residence, and has led to legal challenges. In a statement on Saturday about the protests in Paramount, the Los Angeles County Sheriff's Office said: "It appeared that federal law enforcement officers were in the area, and that members of the public were gathering to protest." ICE, the Department of Homeland Security, and the Los Angeles Police Department did not respond to a request for information about the protests or potential immigration sweeps on Saturday. POLITICAL DIVISIONS OVER FRIDAY'S SWEEP Television news footage earlier on Friday showed unmarked vehicles resembling military transport and vans loaded with uniformed federal agents streaming through Los Angeles streets as part of the immigration enforcement operation. The Democratic mayor of Los Angeles, Karen Bass, in a statement condemned the immigration raids. "I am deeply angered by what has taken place," Bass said. "These tactics sow terror in our communities and disrupt basic principles of safety in our city. We will not stand for this." The LD did not take part in the immigration enforcement. It was deployed to quell civil unrest after crowds protesting the deportation raids spray-painted anti-ICE slogans on the walls of a federal court building and gathered outside a nearby jail where some of the detainees were reportedly being held. In a statement, DHS criticized Democratic politicians including Mayor Bass, saying their anti-ICE rhetoric was contributing to violence against immigration agents. "From comparisons to the modern-day Nazi gestapo to glorifying rioters, the violent rhetoric of these sanctuary politicians is beyond the pale. This violence against ICE must end," said Assistant Secretary Tricia McLaughlin. FBI deputy director Dan Bongino posted on X that they were reviewing evidence from the protests. "We are working with the U.S. Attorney's Office to ensure the perpetrators are brought to justice," Bongino said.
Economic Times
an hour ago
- Economic Times
China approves some exports of rare earths ahead of US talks
Beijing has approved some rare earth export applications, potentially easing tensions before US-China trade talks. The commerce ministry confirmed the approvals, noting growing demand in robotics and electric vehicles, and will expedite approvals for qualified exporters to Europe. This follows a call between Presidents Trump and Xi, where Trump expressed optimism about resolving trade issues and advancing towards a deal. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Beijing says it granted approval to some applications for the export of rare earths, a move that could ease tensions before trade negotiations between the US and China next Chinese commerce ministry confirmed the approval of the applications without specifying which countries or industries were covered, even as it noted growing demand for the minerals in robotics and electric vehicles. The ministry will continue to review and approve compliant export applications, according to a statement on confirmation comes days after the US and Chinese presidents spoke, following which Donald Trump said that there "should no longer be any questions respecting the complexity of Rare Earth products." Delegations from Beijing and Washington are scheduled to meet in the UK to conduct trade negotiations on granted temporary export licenses to rare-earth suppliers of the top three US automakers, Reuters reported on Friday. The commerce ministry also said earlier Saturday it will speed up approvals for qualified rare earth exporters to comment came one day after a rare call with Xi aimed at resolving trade tensions that have been brewing over the topic for that time, Trump said there had been "a very positive conclusion" to the talks, adding that "there should no longer be any questions respecting the complexity of Rare Earth products.""We're very far advanced on the China deal," Trump told reporters on countries struck an agreement on May 12 in Geneva, Switzerland, to roll back for 90 days most of the triple-digit, tit-for-tat tariffs they had placed on each other since Trump's January inauguration. Financial markets that had worried about trade disruptions rallied on the news.
