President Donald Trump and his family have cashed in big since he won the 2024 election. Of the billions of dollars they have accrued over the past 18 months, the lion’s share has reportedly come from cryptocurrency assets that bear the president’s name or his family’s endorsement. The technology may be novel, but crypto lets the Trump family play the age-old game of separating fools from their money, all while leveraging Trump’s position in the White House to boost the sales pitch.
According to an in-depth investigation from Reuters, whose reporters reviewed thousands of documents, disclosures and blockchain records, the price of the crypto offerings Trump is marketing have plummeted — but not the profits that the Trumps have pocketed. Investors who trusted Trump’s business acumen have been left unable to achieve the profits they assumed were coming or even offload the assets as their worth collapsed. In effect, a predatory market that should be subject to stricter regulation from the government instead has been a massive cash cow for the president and his family.
Crypto lets the Trump family play the age-old game of separating fools from their money
(Reuters helpfully published a full methodology for how it calculated the gains and losses on the notoriously opaque crypto market. The White House did not comment directly on Reuters’ reporting but said in a statement: “All actions by President Trump and his administration are taken in the best interest of the American people.”)
Trump has long preferred projects in which he features his name prominently but takes on little, if any, financial risk. The Trump Organization’s longtime M.O. has been licensing his name to real estate projects and reaping the benefits, even if the projects failed. Trump has also stamped his name on mattresses, wall sconces and slabs of meat. He even added his name to Bibles during the 2024 campaign.
At least all those were physical products. But in 2022, when he was out of the White House, Trump got involved in the burgeoning digital marketplace. The nonfungible tokens, or NFTs, sold for $99 each featuring his name and image as part of another licensing scheme. The cash flowed into Trump’s bank account before a “digital trading card” was sold. As a result, the latecomer entry into the NFT market, after months of decline in the NFT market’s value more broadly, mattered little to him when he had already extracted whatever value he could from the deal.