This past year seemed to be a jackpot for President Donald Trump. Thanks to various cryptocurrency initiatives from his family and businesses, his wealth soared by more than $1 billion on paper. With the surge of crypto during Trump’s administration—due to a supportive stance from the White House and a general inclination that having a finance-ignorant executive might actually work in business’s favor—his assets appeared inflated. Of course, it didn’t hurt that some crypto activities made it easy to receive questionably sourced funds from abroad.
However, that crypto cheerleading is starting to stumble as the market’s volatility comes to the forefront, amid chatter regarding the AI bubble and concerns about the economic climate. Bitcoin has had one of its worst months in quite some time, plummeting from $110,000 to around $84,000 since the start of the month. Overall, this month has seen a remarkable loss of over $1 trillion in crypto value.
Unfortunately for Trump, he’s not immune to these drastic changes. As per a Bloomberg analysis, Trump’s net worth has dipped by $1 billion following a peak at $7.7 billion last September. His investment in Trump Media & Technology Group, the parent company of Truth Social, has alone shed $800 million in the last quarter. This drop likely correlates with the firm’s Bitcoin purchasing spree worth $2 billion earlier this year, in line with a business trend of inflating asset values by adding Bitcoin to their portfolios. Nevertheless, Trump Media still isn’t turning a profit.
And it’s worth noting that Trump’s losses could be even bigger; they have ducked under the radar. The family’s investment in <$WLFI coin has tanked by about $3 billion since its peak launch in September. Bloomberg actually didn’t factor this loss into their estimates since the family’s coin isn’t available for trading at the moment.
Trump isn’t standing alone in this financial storm either. Michael Saylor, the key player behind the Bitcoin investments surge through his company Strategy, must also be on edge these days, with Strategy losing 43% of its stock value in a short period. Just recently, he posted a creatively generated image of himself on social media depicting himself as Ernest Shackleton, the polar expedition leader, alongside the phrase, “Endure.” Check it out here.
Nevertheless, Trump differentiates himself from his billionaire peer group and smaller investors; he retains the ability to generate more coins and increase his virtual wealth. Perhaps that explains why Eric Trump conveyed an optimistic vibe in his statements to Bloomberg. “What a great buying opportunity,” he remarked. “Those who invest during market dips and accept the unpredictability will ultimately come out on top.”
