Donald Trump’s family wealth has taken a massive hit in the last few months because of the ongoing crash that has wiped out hundreds of billions of dollars from the overall digital currency market. The three major investments by the Trump family in this space include a majority stake in a Bitcoin mining firm, massive crypto reserves bought by Trump Media & Technology Group Corp., and Trump’s very own digital currency, TRUMP.
All three of these ventures have recently taken a major hit amid the broader crypto downturn. Trump’s own branded digital currency is now a fraction of what it was a year ago, while mining businesses and crypto reserves have dropped sharply in value. The mining venture’s value has lost nearly 50% alone.
Eric Trump’s Major Crypto Gamble
Eric Trump, the President’s second son, is reportedly at the forefront of these major business maneuvers and has achieved some success over the past year. He enjoyed a lot of positive PR in the crypto community, to the point that he can be considered an influencer in his own right.
However, according to the latest estimates from Bloomberg, the Trump family’s total fortune has fallen from a record $7.7 billion in September of this year to $6.7 billion today. This represents a 13% overall loss, but the decline in value is mainly due to crypto investments.
Other major endeavors, like real estate, continue to hold on to their value well enough.
Eric Trump’s billion-dollar crypto gamble is under strain from the market forces, and despite attempts to pump the market, the digital asset economy has continued its slump. However, the younger Trump is unfazed for now, as he aims to be involved in the crypto economy long term.
“What a great buying opportunity,” he told Bloomberg. “People who buy dips and embrace volatility will be the ultimate winners. I have never been more bullish on the future of cryptocurrency and the modernization of the financial system.”
Criticisms of Trump Crypto Ventures
The Trump family’s various crypto investments have had their share of criticism from political opponents and crypto commentators alike. The primary allegation here is that the organization is involved in shady transactions and insider-trading-like collusions that have helped it accrue even more wealth over time.
However, Trump Inc. has denied these allegations, and the President has distanced himself from any commercial activities of his family business.
Source: https://zycrypto.com/trump-family-wealth-reels-from-recent-crypto-crash/
