How Trump Coin Added $7 Billion to Donald Trump’s Wealth Overnight

Nothing’s right, President-elect of the United States Donald TrumpOfficial social media accounts have dropped details of a new “official meme” from the popular leader across platforms. With no immediate statement from Trump, or his representatives, the posts were initially dismissed as a hack, but as the hours passed and sites linked back to known Trump works, the buzz rose dramatically.

The hype around Trump meme coin $ It has pushed its value to $36 per token, for a market cap of $7.18 billion, at the time of writing (January 19, 11.25am EST), according to data available on Coinmarketcap. According to a report by Fox Business, the virtual token has risen by a staggering more than 1,000 percent since its launch.

Late on January 18, Eric Trump posted on X (formerly known as Twitter), officially confirming the development. “I am so proud of what we continue to accomplish,” he wrote encryption. $Trump is currently the most popular digital meme on the planet, and I truly believe that World Liberty will revolutionize DeFi/Cefi and be the future of finance. We’re just getting started!” (sic)

Trump and his children Eric Donald Jr. launched World Liberty Financial, a digital assets platform targeting the decentralized finance (DiFi) sector, in September 2024. DeFi is an obscure cryptocurrency sector in which people trade, lend and borrow digital assets peer-to-peer using automated software, according to a Bloomberg report.

Potential windfall of $24 billion for Donald Trump, family and businesses

Thus, the gains of Trump-related companies are around $7 billion at present, and rising. In light of current trends, an Agence France-Presse report indicated that, along with currencies that have not yet been introduced to the market, the value of the token will reach approximately $24 billion by 2028.

According to an AFP report, no Trump Nor did the company running the launch, Fight Fight Fight LLC, provide details on how much it made from the first batch of meme coins released. However, the coin’s official website said that 200 million meme coins have been issued, and another 800 million will be issued over the next three years.

Bloomberg noted that the site’s fine print denies that the digital currencies, available via the Solana blockchain network, are not intended to be an “investment opportunity.” investment contract, or security of any kind,” but Trump’s fans interested in cryptocurrencies immediately began buying.

The AFP report noted that meme currencies have no economic or transactional value and are often viewed as a means of speculative trading. She added that most meme currencies, like $TRUMP, are designed to capitalize on the popularity of a particular personality, movement, or viral trend on the Internet.

Is it cleaner money? What has Trump invested in preparing for the White House?

Notably, the move, which was hailed by cryptocurrency industry supporters as “smart,” was met with criticism from watchdogs and officials who denounced the president’s assets for a second time as more subject to oversight. Conflict of interest Discussions.

For months, Trump has criticized authorities’ requirements that he and his government select assets to limit conflicts of interest while in office.

According to the ethics pledge on the General Services Administration’s website, Trump has not pledged that he will avoid conflicts of interest or that he only holds “non-conflict assets,” according to the Reuters report.

Trump owns a $3.76 billion stake in Trump Media and Technology Group, which he runs Social truthin addition to stakes in cryptocurrency businesses, real estate, and several foreign deals. The family real estate company, now largely run by Trump’s son Eric, also owns a portfolio of hotels, golf courses, resorts, office space in New York City, retail operations and residential units, the Reuters report added.

As such, Trump drew an immediate rebuke from government watchdogs, who described it as the latest violation of ethical standards and a way to capitalize on his standing on the world stage.

“A com. memecoinwhich are typically not tied to any underlying business and therefore highly speculative for investors and potentially highly profitable for founders, push the boundaries even further. Any effort by the Trump Organization to demonstrate concern about potential conflicts, specifically when it comes to foreign governments, seems to be completely undermined.

The Trump administration is full of crypto supporters

• Scott Besent: Billionaire hedge fund manager is Trump’s pick for Treasury secretary. He has spoken positively about cryptocurrencies, a Reuters report said, noting that according to a financial disclosure filed last month, Bessent You own shares of the BlackRock exchange-traded fund (ETF) worth between $250,001 and $500,000.
• Besant has promised the US Treasury in writing that he will divest his interests in the fund and other investments within 90 days of his confirmation.
• Howard Lutnick: CEO of New York brokerage Cantor Fitzgerald, runs multibillion-dollar Tether and is Trump’s choice for Commerce Secretary. Lutnick The company is also a strong supporter of Bitcoin, the Reuters report added.
• Elon Musk: Trump’s appointee to the Department of Government Efficiency (DOGE) is a well-known champion of Bitcoin and Dogecoin (also a meme coin). Musk Tesla owns $1.5 billion in bitcoin, with unspecified digital assets totaling $184 million as of September 2024, Reuters reported, citing a company financial report.
• Vivek Ramaswamy: Musk’s DOGE co-chairman is the founder of Strive Asset Management, which last month filed to launch an ETF that invests in corporate bonds for DOGE. Bitcoin The Reuters report referred to the investments. As of June 2023, Ramaswamy owned between $100,001 and $250,000 worth of Bitcoin and $15,001 to $50,000 worth of ether.

• David Sachs: Trump’s White House AI pick and cryptocurrency czar has been tasked with developing the US legal framework for the cryptocurrency industry. He is the founder of Craft Ventures, which has invested in cryptocurrency companies such as BitGo and Bitwise.
• Steve Witkoff: Real estate mogul and donor to Trump Global Liberty Financial, Witkoff was appointed Middle East envoy.
• JD VANCE: Trump Vice President He owns between $250,001 and $500,000 in Bitcoin as of August 2024, and his investment firm Narya has made investments in Ramaswamy’s Strive. Brian Hughes, a spokesman for the transition between Trump and Vance, told Reuters that Trump would fulfill his promise to encourage American leadership in cryptocurrencies and other emerging technologies.
• Paul Atkins: Trump’s lawyer of choice for the US Securities and Exchange Commission (SEC). Atkinswhich called for the liberalization of cryptocurrencies. He is expected to be more flexible on assets compared to current Chairman Gary Gensler. The report added that he did not respond to inquiries.

The Reuters report indicated that Besant, Lutnick, Musk, Ramaswamy, Saks, Witkoff and Atkins did not respond to requests for comment.

(With inputs from agencies)