Crypto Crash Hits Trump Family Fortune Hard
The recent turmoil in the cryptocurrency market has taken a significant toll on the Trump family’s wealth. An analysis by Bloomberg News revealed that their fortune has decreased by $1 billion over the past few months, dropping from an estimated $7.7 billion in early September to approximately $6.7 billion now.
Impact of Cryptocurrency Losses on the Trump Family
The downturn is largely attributed to their investments in the volatile realm of meme coins and cryptocurrencies. Notably, a Trump-branded memecoin has lost nearly 25% of its value since August. Additionally, Eric Trump’s Bitcoin mining venture has decreased by about 50% from its peak.
Investors in the Trump family’s crypto assets have also felt the pinch. Many who purchased the meme coin at its highest value in January have seen almost all their investment evaporate by November. The World Liberty Financial token, for instance, has plummeted from 26 cents in early September to just around 15 cents.
Crypto Market Turmoil
This sharp decline in the Trump family fortune parallels a wider crisis in the crypto market, which has seen about $1 trillion in value erased. Bitcoin, the leading cryptocurrency, recently dropped below $82,000 for the first time since April, marking a 32% decline from its all-time high of $126,000 in October.
Historical Gains and Current Losses
Despite these recent losses, the Trump family’s involvement in cryptocurrency had previously bolstered their wealth significantly. In September, the Wall Street Journal indicated that their crypto ventures had surpassed their real estate holdings as their most valuable asset. At one point, World Liberty Financial, a Trump-backed project, was valued at around $6 billion, but this has since fallen to an estimated $3.15 billion.
These statistics do not account for the overall wealth decline, as the tokens are currently locked and cannot be traded. Furthermore, shares in the Trump Media & Technology Group (TMTG), which heavily invested in crypto, have hit record lows. Following a $2 billion investment in Bitcoin and related securities, President Trump’s stake in TMTG has declined by around $800 million since September.
Declines in Other Investments
The TMTG’s investment in the CRO token, from the Singapore-based crypto exchange Crypto.com, was valued at roughly $147 million in September but is now nearing half that value. Simultaneously, shares of the American Bitcoin Corporation, where Eric Trump holds a 7.5% stake, have fallen more than 50% since September, erasing over $300 million from their wealth.
- Trump family fortune: $6.7 billion, down from $7.7 billion
- Trump-branded memecoin: 25% decline since August
- Eric Trump’s Bitcoin venture: 50% value loss
- World Liberty Financial token: dropped from 26 cents to 15 cents
- Bitcoin price: fell to below $82,000
- Trump Media & Technology Group’s share: $800 million loss since September
- American Bitcoin Corporation: 45% loss for public investors
Despite these challenges, Eric Trump maintains a positive outlook, describing the crypto downturn as a “great buying opportunity.” He believes that those who invest during dips will ultimately benefit in this rapidly evolving market.
