With the launch of the Trump family’s cryptocurrency token, the US president and his sons’ assets now have a total estimated worth of $5 billion (£3.7 billion). In the midst of last year’s presidential campaign, the Trumps established the cryptocurrency company World Liberty Financial, raising concerns about possible conflicts of interest as he got involved in a sector he would soon be able to control.
Initially prohibited from selling, the firm acquired funds by offering its eponymous digital tokens for sale to investors. However, investors agreed in July to permit early buyers to sell up to 20% of their holdings in the currency, which is traded as WLFI, excluding founders like the Trump family.
After dropping over 50% since Monday’s trading began, WLFI was trading at about $0.22 on platforms including Binance and Coinbase as of Tuesday. The currency is still being sold at a higher price than what many early buyers would have paid originally, putting them in a position to profit, even though the decline suggests weak demand.
Eric Trump posted on social media, saying, “We’re setting a new standard for financial freedom; built on trust, speed, and U.S. values. This is a huge moment for the future of money!” Trump has over 15.75 billion WLFI tokens, valued at almost $3.4 billion, according to financial reports, making cryptocurrency the primary source of his wealth.
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