Trump Family Takes $1B Hit in Crypto Crash, Loses Spot in Bloomberg 500 Billionaire Index

US President Donald Trump‘s family fortune has declined by approximately one billion dollars in the past two months as the cryptocurrency market has experienced a rapid downturn.

Sweeping destabilization throughout the financial markets has been brewing over the past few weeks culminating on Nov. 22 with steep declines across the Dow Jones (-385), S&P 500 (-100) and Nasdaq 100 (-486) indexes as well as plunging prices that wiped out approximately one trillion dollars throughout the cryptocurrency sector.

Largely attributed to factors such as the longest government shutdown in US history and short-term selloffs, the widening fear market has seen the price of Bitcoin BTC $88 674 24h volatility: 1.3% Market cap: $1.77 T Vol. 24h: $77.66 B drop from an October peak of $125,000 to a six-month low hovering around $82,000.

Trump Family Bullish as it Endures Losses

The parent company of the Truth Social platform, Trump Media & Technology Group Corp., has reportedly lost more than $800 million after spending more than $2 billion on a war chest of 11,500 Bitcoin. The BTC was purchased at what appears to be an average price of $115,000, putting Trump Media down about 24% as of the time of this article’s publication.

The company’s own WLFI token has also dipped from its September peak of $0.26. As of the time of this article’s publication, it’s trading at approximately $0.15. According to Bloomberg, Trump Media has a stake initially worth about $6 billion in WLFI that would be worth a little more than half that today.

Overall, the Trump family’s losses in the past two months alone have been significant enough to drop the Trump name out of the Bloomberg 500 billionaire index. Prior to the market downturn, the family’s total holdings were worth a reported $7.6 billion and good enough for the 463rd position. Today, at the reported valuation of $6.6 billion, the Trump family falls short of the $7.13 billion held by Gao Dekang, chairman of Bosideng Holdings.

Despite these perceived losses, the Trump family remains bullish. Donald Trump’s son, Eric Trump, discussed Bitcoin’s virtues in a Nov. 24 interview on Fox News where he lauded the token’s ease of use and minimal fees for large trades.

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