The Trump family is significantly expanding its involvement in the cryptocurrency market with the launch of two new ventures: American Bitcoin, a bitcoin mining operation, and WLFI, a new token. World Liberty Financial, one of the Trump family’s companies, released WLFI, adding billions to their wealth. The family’s existing $TRUMP coin, a meme currency, has also seen considerable activity around Donald Trump’s inauguration.
While the Trump family’s wealth has surged, investors in their cryptocurrency ventures have experienced volatility. The $TRUMP coins, once valued at $US10 billion, are now worth $US1.7 billion. Similarly, $MELANIA, the meme coin associated with the First Lady, has seen its valuation plummet from $US1.6 billion to $US169 million. American Bitcoin, backed by Eric Trump and Donald Trump Jnr, recently debuted on the Nasdaq after merging with Gryphon Digital Mining. The company will mine and stockpile Bitcoin and currently holds 2443 bitcoin worth $US418 million. It is also backed by Cameron and Tyler Winklevoss.
American Bitcoin does not have its own token. American Bitcoin aims to mine and stockpile coins. The company already has 2443 bitcoin worth $US418 million.
Despite the volatility, some cryptocurrency investors see the Trump family’s increased involvement as a positive sign for the future of digital assets. Henrik Andersson, from Apollo Crypto, noted that the debut of WLFI has seen significant trading volumes, potentially reflecting enthusiasm for crypto in the United States. Ryan McMillin, chief investment officer at Merkle Tree Capital, acknowledged the attention that a Trump endorsement brings to cryptocurrencies but cautioned against potential risks associated with such ventures.
