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President Donald Trump’s family fortune It has fallen by almost $1 billion in just a few months due to the huge decline Throughout the cryptocurrency marketAccording to a new report.
The First Family’s net worth is now approximately $6.7 billiondown from $7.7 billion in September, according to Bloomberg News,
This decline mainly results from Family stake in cryptocurrency sectorWith Trump-branded Memecoin, Eric Trump’s Bitcoin mining efforts and true social – which is largely linked to Bitcoin – all are facing substantial financial setbacks.
It comes amid a crash in the broader crypto world that has wiped out more than $1 trillion in value, and as the president faces scrutiny for pardoning a top crypto executive who played a key role in boosting the family’s net worth.
However, the family remains optimistic. President’s second son Eric Trump told bloomberg The recent decline presents “a huge buying opportunity,” he said, adding, “Those who buy the dip and embrace the volatility will be the ultimate winners.”
It’s true that, over the past few years, the value of Bitcoin has fallen and subsequently risen to record highs – a lot. President’s own destiny,
1 billion dollar loss
One of the heaviest declines hit Trump Media & Technology Group Corp., Truth Social’s parent company. On Wednesday, the company’s shares fell to a record low, reducing Trump’s stake by about $800 million since September.
The company has invested heavily in Bitcoin and has spent around $2 billion on the digital asset.
“It has reserves of approximately 11,500 Bitcoins, which were purchased when the cryptocurrency was priced at around $115,000, which means the company made a loss of approximately $25. [percent] According to the post, bloomberg,
Additionally, the First Family’s key crypto venture, World Liberty Financial, has seen its value contract sharply. The company’s token, named WLFI, is now trading at about 15 cents, down from 26 cents in September.
At its peak, the total value of the tokens was approximately $6 billion. Today, the property is worth a little more than half that: about $3.15 billion.
“Crypto is here to stay,” a World Liberty Financial spokesperson told the outlet. “World Liberty Financial has a long-term belief in the rapidly maturing technologies underpinning digital assets, which we believe will fundamentally improve financial services.”
Shortly after the president returned to office in January, his eldest sons Eric Trump and Donald Trump Jr. began working with another crypto company, Hut 8 Corp.
The company began supplying equipment for Bitcoin mining in exchange for a controlling interest in a newly formed entity called American Bitcoin Corp. Both sons have small stakes in the firm, with Eric Trump owning about 7.5 percent of US Bitcoin.
The Nasdaq-traded company’s shares were valued at $9.31 in September, but have fallen by nearly half since then, wiping out more than $300 million from Eric Trump’s fortune.
Additionally, Trump’s memecoin, launched in January, is now worth about $310 million, a decline of about $117 million since August.
Swirling Crypto Controversy
Since returning to office, Trump has taken a particularly crypto-friendly stance. In January, he signed an executive order to support Responsible growth of cryptoWhich canceled the previous restrictive policies. In March he established a national Strategic Bitcoin ReserveWhich he said positions the United States as “a leader among countries in government digital asset strategy.”
Some of his policies have faced intense scrutiny.
In May, Trump invited his memecoin’s biggest stakeholders to a dinner with an exclusive VIP reception. Watchdog groups immediately condemned the incident and argued that it might violate laws barring federal officials from accepting gifts.
“Its an ethics nightmare“Former White House special counsel for ethics and government reform Norm Eisen told wall street journalThe administration denied that there was any conflict of interest,
And in October, the president pardoned co-founder Changpeng Zhao cryptocurrency exchange binanceA move that raised some eyebrows.
zhao pleaded guilty For enabling money laundering and agreed to step down as CEO of Binance as part of a plea deal with the Justice Department. He served a four-month jail sentence.
Zhao spent months Promoting Trump Family’s Crypto CompanyAccording to World Liberty Financial, which significantly increased the president’s net worth at the beginning of his tenure wall street journal,
But the White House described his pardon as a response to former President Joe Biden’s “war on cryptocurrency.”