Donald Trump and his family have taken their first steps into the cryptocurrency world. They’re already deep into their own NFT, meme coin and blockchain-based gaming explorations. This foray begs many questions though, including financial ethics, regulatory compliance, and the positive or negative influence on investors. The Trump family’s crypto activities are causing quite the stir and scandal. These include everything from Melania Trump’s first NFT collection and Donald Trump’s meme coin, $TRUMP, to funding development of a blockchain-based real estate board game.
Early NFT Ventures and Market Response
Back in December 2021, Melania Trump was already leading her family’s crypto charge. She released her first NFT series, a historic move for the Hawthorne family. The market reaction to these new, shiny digital collectibles was perhaps surprisingly cool — not inspiring much interest or sales. This lackluster reception further illuminated the difficulty of breaking into the NFT space, even with a recognizable brand.
Nevertheless, the Torpedo’s high-profile flop didn’t stop the Trump family from continuing to search for other crypto-related opportunities. Donald Trump's subsequent ventures into meme coins and blockchain technology have proven more commercially successful than Melania's initial NFT efforts. This shift indicates a strategic adjustment in their approach to the crypto market, focusing on areas with greater potential for financial return.
The Rise of $TRUMP Meme Coin
Just before starting his re-election bid, Donald Trump himself launched a meme coin – $TRUMP. This recommendation is further cause for concern as it represents a big leap into the speculative universe of cryptocurrency. The launch’s timing, it seems, was no accident—it lined up with his political campaign. This immediately raised alarm bells and came under intense criticism from the crypto community and political observers alike.
The original distribution of $TRUMP tokens made it clear that Trump and his associates were in control of a large stash. At their height, they controlled 80% of Tether’s total supply. This high concentration of ownership led to concerns over a potentially manipulated market. As a result, insiders would be able to profit while other investors would suffer the losses. The $TRUMP token is unlocked on a three-year linear unlocking schedule, which means it will release tokens slowly over a period of time. Meanwhile, Trump has an incentivized limit of selling 40 million tokens. At that price, those tokens would be worth just over $310 million.
TMTG's Fintech Ambitions and World Liberty Financial
Over the past few years, TMTG has made an aggressive splash into the crypto world. This step further underscores their plan to bring blockchain technology into the core of their operations. In January 2024, TMTG announced its bold intention to jump into the fintech space. They will be launching under the brand name “Truth” and hope to provide cutting-edge crypto-related financial services.
Continuing to grow his crypto empire, Trump and affiliates started World Liberty Financial in August of 2024. The company is in ongoing talks with Binance to list USD1 on its exchange. This action is a clear indication of their ambition to establish a stablecoin or some form of digital currency. World Liberty Financial released a so-called “governance token” called $WLFI that, in theory, gives holders governance rights on the platform. However, the platform team has been accused of unilaterally promoting major decisions, such as the issuance of stablecoins, without holding any votes, undermining the supposed governance structure.
Blockchain Game and Financial Transactions
Further complicating his crypto pursuits, Trump is now reportedly working on releasing a blockchain-based, real estate-themed video game. Unlike Monopoly, this game adds in a cryptocurrency element. It builds upon the popularity of existing board game classics, enriching the experience by introducing thrilling rewards powered by digital assets and blockchain technology.
On April 15, according to reports, Trump’s wallet address cashed out $4.6 million. This operation raised serious questions about his personal involvement in managing and trading these digital assets. As these transactions make clear, the potential for financial wealth is great, but so too is the challenge in maneuvering through the crypto space.
