Coin Edition -
- Former President Donald Trump cashes out 1,075 ETH, valued at approximately $2.4 million, from his NFT sales.
- Speculation arises that Trump may use crypto to fund his 2024 presidential campaign.
- Trump’s move could attract increased scrutiny due to regulatory uncertainty surrounding crypto-driven campaign financing.
Former U.S. President Donald Trump has been reported cashing out a substantial amount of Ether (ETH) earned from selling his NFTs. What’s raising eyebrows is the speculation that Trump might be funding his 2024 presidential campaign with cryptocurrency.
Blockchain intelligence platform Arkham posted on X that the Trump-affiliated wallet recently transferred a staggering 1,075 ETH, equivalent to approximately $2.4 million, to Coinbase (NASDAQ:COIN) in a series of transactions since December 8. The source of these earnings is believed to be proceeds from the sale of Trump’s NFT collections, including his infamous mugshot.
The timing of these transactions, amid the anticipation of the 2024 presidential election, has led some to question whether Trump is exploring alternative funding sources for his campaign. The move to cash out ETH from his NFT earnings could suggest strategic financial planning, potentially fueling crypto-driven campaign funding.Political campaigns have historically relied on traditional fundraising methods, but the use of crypto could provide a level of financial privacy for donors. Nonetheless, the regulatory landscape surrounding crypto-driven campaign financing remains murky, and any move by Trump to utilize crypto for this purpose could draw increased scrutiny from regulatory authorities.
The crypto community has been closely monitoring Trump’s crypto wallet activity, especially as the former president’s ETH balance surged to a peak of $4 million before the recent selling spree began.
Notably, Trump has been a vocal critic of crypto in the past, referring to it as a “disaster waiting to happen” and calling Bitcoin a “scam.” Nonetheless, his recent foray into the crypto space through NFTs and the subsequent ETH withdrawals suggest a shift in perspective.
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