The crypto industry has been buzzing with news that former US President Donald Trump is planning to release a fourth collection of non-fungible tokens (NFTs). In a wide-ranging interview with Bloomberg Businessweek , he revealed that Trump’s previous NFT collections have been “very successful,” selling out within a day.
Citing overwhelming public demand, the former US president is now preparing to launch another collection of Trump digital art, further cementing his embrace of the emerging Web3 space.
When did Trump enter the NFT world?
Trump’s shift toward crypto began in late 2022 when he unveiled the first set of Trump NFCs, which included digital trading cards depicting the former president in various heroic poses. The initial offering of these NFCs was an immediate success, with all 45,000 cards selling out in a single day. Buoyed by this response, Trump quickly followed up with two more sets of Donald Trump NFCs, each of which met a similar fate and sold out quickly.
According to a Bloomberg Businessweek interview, a significant portion of the proceeds from Trump’s presidential campaign’s NFT collections — about 80% — came from NFT-based payments. The revelation opened the former president’s eyes to the potential of the digital asset industry, prompting him to embrace it wholeheartedly as part of Trump’s shift toward cryptocurrencies.
Trump’s stance on cryptocurrencies like Bitcoin has undergone a marked shift in recent months. Once an outspoken skeptic of the industry, the former president has now become an active advocate, citing concerns that if the US doesn’t take the lead, China could dominate the emerging space. Trump’s shift on Bitcoin is part of his broader shift toward cryptocurrencies.
Related reading: Thanks to bets on Trump’s election, Polymarket achieved a record trading volume of $116 million in July
Cryptocurrency Industry Backs Trump
As Trump’s presidential campaign continues to gain momentum, the crypto industry has rallied its support for the former president, with major players like mythical sea monster Exchange co-founder Jesse Powell and Gemini Exchange co-founders Tyler and Cameron Winklevoss are making massive cryptocurrency donations to his campaign and related political action committees like America PAC.
Trump’s Vice Presidential Candidate: A Pro-Bitcoin Choice
Former President’s Latest Announcement of Pro-Bitcoin Senator JD Vance (R-Ohio) as his pick for vice president further underscores his growing embrace of the crypto industry and its influence within his political circle. The choice is in line with Trump’s evolving relationship with Bitcoin.
Cryptocurrency Donations Fuel Trump Campaign
According to Federal Election Commission (FEC) data, of the roughly $331 million raised by Trump’s presidential campaign in the last quarter, roughly $3 million was in crypto campaign contributions from crypto donors, highlighting the growing role of digital assets in political fundraising and crypto fundraising.
In an interview with Bloomberg Businessweek, Trump stressed the importance of the U.S. crypto industry taking the lead in the global crypto and NFT race, warning that if the country fails to do so, China could take over the emerging industry. Trump wants to promote crypto-friendly policies to help America stay ahead.
While Trump acknowledged the relative infancy of the crypto and decentralized technology industry, he expressed his desire not to be “responsible for letting another country take over this space,” emphasizing his commitment to fostering the growth and development of the digital asset ecosystem within the United States. This is a key part of Trump’s shift toward crypto.
The former president also revealed that his interactions with the crypto industry allowed him to “get to know a lot of people” from the sector, including influential crypto entrepreneurs, whom he described as “top-notch people,” further cementing his growing affinity with the digital asset scene.
Continued Demand for Trump’s NFT Collection
Despite the volatile nature of the cryptocurrency market and questions like “why is bitcoin going down,” Trump remains confident in the enduring appeal and value of his NFT collections, noting that “people want me to do another one” and that the “amazing spirit” surrounding his past offerings has been “beautiful.” Daily NFT news continues to cover the high demand for these Trump coins.
Trump’s embrace of NFTs and cryptocurrencies, coupled with his political influence and growing industry support for his reelection campaign, could have far-reaching implications for crypto regulations and mainstream crypto adoption in the United States. The presidential candidate’s ending of Bitcoin taxes could be a game-changing announcement for the crypto industry and enthusiasts alike.
Conclusion
As the former president prepares to release his fourth NFT collection, the crypto community is eagerly awaiting the potential impact of his continued involvement in the industry. Trump’s transformation from crypto skeptic to enthusiastic supporter, as covered by outlets like the daily hodl, underscores the rapidly evolving landscape of digital assets like Ethereum and blockchain and their increasing integration into the political and economic spheres.
Trump news continues to stir the crypto world, from his evolving views on Bitcoin to the latest Dogecoin news. With Trump’s fourth NFT collection on the horizon and talk of a potential Trump coin (not MAGA), it’s clear that the Trump-Bitcoin intersection is here to stay.
Instructions
1) What is Donald Trump’s plan regarding NFT collections?
Former US President Donald Trump is planning to release a fourth collection of non-fungible tokens (NFTs), following the success of his previous collections.
2) How successful have Trump’s previous NFT collections been?
Trump’s previous NFT collections have been extremely successful, with each selling out within a day, as indicated by the massive public demand.
3) What caused Trump to shift his sentiments towards cryptocurrencies?
A large portion of the revenue generated by Trump’s presidential campaign’s NFT collections came from crypto-based payments, prompting him to embrace the digital asset industry wholeheartedly.
4) What are the implications of Trump’s embrace of NFTs and cryptocurrencies on the industry?
Trump’s involvement, coupled with his political influence and growing support for his reelection campaign, could have far-reaching implications for crypto regulations and mainstream adoption in the United States.