Latest news with #US111
Sydney Morning Herald
2 days ago
- Business
- Sydney Morning Herald
Trump's big bet on his $8 billion family fortune
President Donald Trump has made no secret of his love for the crypto industry in his second term, appointing friendly regulators, establishing a US digital asset stockpile, ending prosecutions and pardoning its criminals. Those moves are set to hit even closer to home as the industry increasingly drives the fate of his family's personal fortune. His sons Eric Trump and Donald Trump Jr. have hopscotched from one crypto conference to the next — Abu Dhabi in December, Washington in March, Dubai in May — rousing fans and drawing criticism about conflicts of interest along the way. They're getting top billing at a conference in Las Vegas this week, alongside Vice President JD Vance. A spokesperson for the Trump Organisation did not immediately reply to a request for comment. Their appearances come just as the most valuable asset underpinning the president's $US5.2 billion ($8.1 billion) personal fortune is set to become increasingly tied to the price of bitcoin. Loading Trump Media and Technology Group, the family's money-losing social media business, announced Tuesday it was raising $US2.5 billion to buy bitcoin — what chief executive officer Devin Nunes called an 'apex instrument of financial freedom.' The company's balance sheet of cash, cash equivalents and investments were worth $US759 million at the end of the first quarter, according to a filing on Tuesday. It's among the highest-profile examples of what's become a familiar strategy: There are more than 30 public US companies that purchase bitcoin as part of their corporate treasury, according to CoinGecko. Bernstein analysts project bitcoin could see $US330 billion in inflows via corporate treasuries before 2030. The token climbed above $US111,000 last week for the first time ever and has gained roughly 55 per cent since Trump's election win in November. Trump Media, by comparison, is down about 34 per cent over the same period. Bitcoin buyers
Sydney Morning Herald
2 days ago
- Business
- Sydney Morning Herald
The Trump $8 billion family fortune is being tied to bitcoin
President Donald Trump has made no secret of his love for the crypto industry in his second term, appointing friendly regulators, establishing a US digital asset stockpile, ending prosecutions and pardoning its criminals. Those moves are set to hit even closer to home as the industry increasingly drives the fate of his family's personal fortune. His sons Eric Trump and Donald Trump Jr. have hopscotched from one crypto conference to the next — Abu Dhabi in December, Washington in March, Dubai in May — rousing fans and drawing criticism about conflicts of interest along the way. They're getting top billing at a conference in Las Vegas this week, alongside Vice President JD Vance. A spokesperson for the Trump Organisation did not immediately reply to a request for comment. Their appearances come just as the most valuable asset underpinning the president's $US5.2 billion ($8.1 billion) personal fortune is set to become increasingly tied to the price of bitcoin. Loading Trump Media and Technology Group, the family's money-losing social media business, announced Tuesday it was raising $US2.5 billion to buy bitcoin — what chief executive officer Devin Nunes called an 'apex instrument of financial freedom.' The company's balance sheet of cash, cash equivalents and investments were worth $US759 million at the end of the first quarter, according to a filing on Tuesday. It's among the highest-profile examples of what's become a familiar strategy: There are more than 30 public US companies that purchase bitcoin as part of their corporate treasury, according to CoinGecko. Bernstein analysts project bitcoin could see $US330 billion in inflows via corporate treasuries before 2030. The token climbed above $US111,000 last week for the first time ever and has gained roughly 55 per cent since Trump's election win in November. Trump Media, by comparison, is down about 34 per cent over the same period. Bitcoin buyers
The Age
2 days ago
- Business
- The Age
The Trump $8 billion family fortune is being tied to bitcoin
President Donald Trump has made no secret of his love for the crypto industry in his second term, appointing friendly regulators, establishing a US digital asset stockpile, ending prosecutions and pardoning its criminals. Those moves are set to hit even closer to home as the industry increasingly drives the fate of his family's personal fortune. His sons Eric Trump and Donald Trump Jr. have hopscotched from one crypto conference to the next — Abu Dhabi in December, Washington in March, Dubai in May — rousing fans and drawing criticism about conflicts of interest along the way. They're getting top billing at a conference in Las Vegas this week, alongside Vice President JD Vance. A spokesperson for the Trump Organisation did not immediately reply to a request for comment. Their appearances come just as the most valuable asset underpinning the president's $US5.2 billion ($8.1 billion) personal fortune is set to become increasingly tied to the price of bitcoin. Loading Trump Media and Technology Group, the family's money-losing social media business, announced Tuesday it was raising $US2.5 billion to buy bitcoin — what chief executive officer Devin Nunes called an 'apex instrument of financial freedom.' The company's balance sheet of cash, cash equivalents and investments were worth $US759 million at the end of the first quarter, according to a filing on Tuesday. It's among the highest-profile examples of what's become a familiar strategy: There are more than 30 public US companies that purchase bitcoin as part of their corporate treasury, according to CoinGecko. Bernstein analysts project bitcoin could see $US330 billion in inflows via corporate treasuries before 2030. The token climbed above $US111,000 last week for the first time ever and has gained roughly 55 per cent since Trump's election win in November. Trump Media, by comparison, is down about 34 per cent over the same period. Bitcoin buyers
West Australian
22-05-2025
- Business
- West Australian
Bitcoin hits new record high as rally marches on
Bitcoin continued its blistering rally on Thursday, hitting a brand new record high above $111,000 ($172,304). Bitcoin hit $US111,886.41 in early trading hours in London, according to Coin Metrics, before paring some of those gains to trade at around $US111,012. Bitcoin's move has been 'driven by a mix of positive momentum, growing optimism around US crypto regulation, and continued interest from institutional buyers,' James Butterfill, head of research for crypto-focused asset manager CoinShares, told CNBC. The price rise in world's largest cryptocurrency is taking place despite a drop in US stock markets on Wednesday. Bitcoin has typically correlated with equity markets, particularly the tech-heavy Nasdaq. The diverging movements of Bitcoin and stocks could be the result of investors looking for alternative stores of value. 'The rally was also helped along by broader macro concerns, including Moody's recent downgrade of US sovereign debt, which added to the narrative of Bitcoin as a hedge against fiat instability,' Butterfill noted. Ratings agency Moody's cut the United States' sovereign credit rating last week. There have been some positive developments for the crypto space on the regulatory front in the US too. The GENIUS Act — a bill to regulate stablecoins — cleared a key procedural vote in the Senate. US President Donald Trump and his AI and crypto czar David Sacks have pushed forward a pro-crypto agenda in the US, which has helped support the market. Adding to upbeat news for crypto, JPMorgan CEO Jamie Dimon, a notable bitcoin skeptic, said that the bank will allow clients to buy the digital currency.
