Donald Trump's near-assassination and newfound crypto influence have significantly increased his net worth, making him a major player in the digital currency market.
As you’ll no doubt know, former President Donald Trump narrowly escaped an assassination attempt on July 13. Putting aside the conversations on violence, extremism, and politics for a second, the attempt had unexpected repercussions on the financial markets, particularly the crypto sector.
As Trump was bundled off stage, his influence in the crypto world surged, leading experts to speculate on the potential impacts of his renewed vigor in promoting digital currencies. Why all the fuss? Because many analysts believe that the shooting has boosted his chances of election. Voters love a defiant figure, and Trump’s raised fist was a winner.
Trump's Crypto Influence
Once a vocal critic of cryptocurrencies , calling them a “disaster waiting to happen,” Trump has made a complete turnaround. His crypto holdings have skyrocketed, now exceeding $32 million, thanks to savvy investments and strategic advice from his financial advisors, including Vivek Ramaswamy. Trump's portfolio includes meme coins like MAGA Coin and Trog, which collectively contribute over $27 million to his assets.
Trump’s lead in the race for the White House, especially after the shooting has led to big moves, according to CoinMarketCap. In the wake of the assassination attempt, Bitcoin experienced a significant surge, rising by over 10% within a week and more than 5% in a single day, reaching a value of approximately $63,000. Following Bitcoin's lead, Ether, the second-largest cryptocurrency by market capitalization, also soared over 10% in the past week with a daily increase of more than 5%, trading at $3,300. Other major cryptocurrencies such as Solana and Dogecoin saw their values increase by 5.4% and 4.8%, respectively, within just one day.
Reflecting this upward trend, shares of crypto companies surged on Monday. MicroStrategy, the largest corporate owner of Bitcoin with 1% of all Bitcoin in circulation, saw its stock jump over 15%, trading at $1,609 by the afternoon. Coinbase, the leading crypto exchange in the U.S., experienced a stock price increase of over 12%. Additionally, shares of Bitcoin mining companies like Marathon Digital Holdings and Riot Platforms rose by over 15%, while Hut 8 Mining's stock increased by more than 19%.
The crypto market's positive response to Trump's actions suggests a bullish trend for digital currencies. His promise to protect self-custody rights and his stance against the creation of a central bank digital currency (CBDC) resonate with many in the crypto community. This support contrasts sharply with the current administration's regulatory approach, making Trump a favorite among crypto enthusiasts.
Trump's Net Worth: A Closer Look
Following the assassination attempt, Trump saw his net worth increase by approximately $1.2 billion, to $6.5 billion, a 20.52% rise, according to Forbes's real-time tracker. This significant boost was largely driven by investor interest in Trump Media & Technology Group (TMTG), the parent company of his social media platform, Truth Social.
Shares of Trump Media surged over 35% in trading on Monday, having previously reached gains of more than 50% in pre-market trading. Currently, the stock is trading at around $42 per share, pushing its market capitalization to $7.98 billion.
Far-Reaching Implications?
Trump's growing net worth and influence in the crypto market could have far-reaching implications. His ability to sway market trends and his advocacy for less regulatory interference suggest that the crypto market might see continued growth and stability under his influence. Investors and market watchers will undoubtedly keep a close eye on his future moves, anticipating further developments in this dynamic intersection of politics and digital finance.
Donald Trump's journey from a crypto skeptic to a significant influencer in the digital currency space is a testament to the volatile and unpredictable nature of both politics and finance. As his net worth continues to climb, driven by strategic crypto investments, Trump's impact on the market remains profound. The recent assassination attempt has only heightened his profile, making him a central figure in the ongoing evolution of the crypto world. Added to the fact that many political analysts believe that the attempt will bolster his chances of winning the coming election, and you can see why many in crypto are hailing Trump.
For more finance-adjacent news, visit our Trending section.
