Former US President Donald Trump’s team is making a stunning about-face in the world of cryptocurrency, offloading millions of dollars worth of Ethereum (ETH) earned from his controversial NFT collection, the Trump Digital Collectible Cards. This news, revealed by blockchain research firm Arkham, has triggered a wave of speculation about Trump’s true stance on crypto and the future of his NFT venture.
In a surprising move, former US President Donald Trump’s team is liquidating its Ethereum (ETH) holdings, according to blockchain research firm Arkham. This news comes amidst the controversy surrounding his NFT collection, the Trump Digital Collectible Cards, and raises questions about his stance on cryptocurrencies.
Following the Money Trail
Arkham identified the ETH address associated with Trump’s team, which has received over $4.8 million in royalties from the NFT collection. The address, once holding a peak balance of $4 million, started transferring ETH to Coinbase, a major US crypto exchange, three weeks ago. So far, the team has sold 1,075 ETH for $2.4 million, indicating a significant portion of their cryptocurrency holdings have been offloaded.
NFT Boom and Fanaticism
Despite Trump’s vocal criticisms of cryptocurrencies in the past, he launched his NFT project in 2020, claiming to align with the original vision of Bitcoin‘s creator. The project, featuring digital images of Trump, has surprisingly garnered a loyal following, particularly in South Korea, where a majority of the sales originated.
Motivations and Implications
The reasons behind Trump’s team’s Ethereum sell-off remain unclear. Some speculate it could be a strategic move to capitalize on recent market fluctuations or diversify their holdings. Others suggest it might signal a shift in Trump’s views on cryptocurrencies, though this remains unsubstantiated.
Regardless of the motive, this news sends mixed messages about Trump’s relationship with the digital asset world. While he continues to criticize certain aspects of cryptocurrencies, his team’s active participation in the NFT market and subsequent cashing out of Ethereum paint a complex picture.