Picture: T. Schneider / shutterstock.com
The rain of dollars came via blockchain
Two crypto projects have earned the Trumps over a billion US dollars in a very short space of time. So it's not about traditional real estate business like Trump Tower, but about modern speculative goods: cryptocurrencies and mining shares.
The financial news agency Bloomberg has dug deep - and come up with an impressive figure: Trump's fortune is now said to amount to 7.7 billion US dollars. And this is mainly due to transactions with so-called stablecoins and a surprising stock market debut of a mining company.
Two companies, one family, billions in profits
At the center of the money shower: the company World Liberty Financial. The company has only been around since last fall - but it has already launched two cryptocurrencies: first a stablecoin called USD1, then last week the volatile currency $WLFI.
The interesting thing is that several of Trump's sons have management roles in the company. According to Bloomberg, they have already raised 670 million dollars with the new currency. And: those who hold $WLFI have a say in company decisions - a clever detail that sounds like more than just a traditional investment.
But that was only the first act. It was followed by the IPO (or rather, a reverse merger) of the company American Bitcoin. Again, Trump sons as founders. The mining company from the USA cooperates with Canadian technology and suddenly found itself on the Nasdaq technology exchange following the takeover of another company. It is now listed there - and the share price immediately soared. According to Bloomberg, Eric Trump holds 7.5% of the shares and Donald Trump Jr. is also said to be involved.
"Corruption, plain and simple"
The last word - of course - goes to politics: Democratic Senator Elizabeth Warren puts it in a nutshell. Her statement: "Corruption, pure and simple."
The suspicion is that proximity to power is being refined with money - in a way that is dizzying even by US standards. And while experts and politicians are sounding the alarm, there have been no real consequences so far. Trump's proximity to crypto has long raised eyebrows - but little has changed. On the contrary: the family's crypto business is growing.
Clever entrepreneurship - or illegal entanglements?
It all smells like a digital self-service store in family format. Cryptocurrencies are already barely regulated in themselves - when political families also get involved, the result is a dangerous mix of power, market and money. The fact that this does not even lead to an official investigation in a democratic system is the real problem. Anyone who still believes in coincidences here had better not try their hand at poker.
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