In Brief

Former US President Donald Trump hints at a plan to launch his fourth non-fungible token (NFT) collection.

This move reflects Trump’s increasing engagement with the Web3 space and marks a notable shift in his stance on digital currencies.

Trump’s Surprise Success with NFTs Sparks New Collection Plans

In a recent interview with Bloomberg, Trump revealed his intentions to release the new NFT collection. He expressed surprise at his previous NFT ventures’ overwhelming response and success.

“I did things like NFTs and, you know, stuff. And I noticed that 80% of the money was paid in crypto. It was incredible,” Trump stated.

Trump teased at the prospect of a fourth collection during a gala dinner for his mugshot NFT holders at Mar-a-Lago in May. However, he had yet to specify the timeline and provide further details at that time.

Trump’s initial foray into NFTs began in December 2022 with the launch of his “Trump digital trading cards.” These collectibles quickly sold out, raising approximately 648 Ethereum (ETH), equivalent to roughly $785,000 then.

Trump’s venture into NFTs and crypto has not gone unnoticed within the industry. His campaign has garnered support from notable figures in the crypto space, including Marc Andreessen and Ben Horowitz, co-founders of the venture capital firm Andreessen Horowitz (a16z).

Horowitz voiced his support for Trump in his latest podcast episode. He cited Trump’s favorable policies for the tech and startup ecosystem as a decisive factor.

“But the future of our business, the future of new technology, and the future of America is literally at stake. So here we are. And for a little tech, we think Donald Trump is actually the right choice,” Horowitz said.

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From Pizzerias to Crypto Moguls: Diverse Donors Fuel Trump’s Campaign

This growing support has also translated into substantial financial backing. The Wall Street Journal recently reported that Trump’s campaign earned $3 million in crypto donations during the second quarter. These contributions are part of the broader $331 million raised across various fundraising arms.

Two of Trump’s joint fundraising committees recorded the donations, primarily made in Bitcoin and Ethereum, in federal campaign filings. The influx of crypto donations can be attributed to several prominent individuals within the digital asset industry.

For instance, Cameron and Tyler Winklevoss, co-founders of the Gemini crypto exchange, collectively donated $1.6 million in Bitcoin. Additionally, Jesse Powell, co-founder of the Kraken exchange, contributed $845,000 worth of Ethereum.

In addition to these high-profile contributions, the donations reflected support from everyday individuals. For example, a Michigan pizzeria owner and a ticket-vending machine agent for the Long Island Rail Road were among the many who made smaller contributions in cryptocurrency.

Trump’s current stance on crypto represents a significant departure from his earlier views. During his previous presidency, he was highly critical of Bitcoin and other digital currencies, labeling them “not money” and “fraud.”

However, his recent actions and statements suggest a notable shift. BeInCrypto reported that earlier in June, Trump even stated that he wants all Bitcoin to be made in the US.

“If we don’t do it, China is going to pick it up, and China’s going to have it—or somebody else. […] So you have to look at it—what I want, again, is what is good for the country. So we have a good foundation. […] But I don’t want to be responsible for allowing another country to take over this sphere,” Trump explained his rationale.

Despite Trump’s newfound support for crypto, not everyone in the industry agrees with his vision. Some experts argue that making Bitcoin in the US could create jurisdictional risks, potentially compromising its decentralized nature. Additionally, there are questions about the sincerity of Trump’s support, with some viewing his actions as politically motivated rather than a genuine endorsement of the technology.