The conflict of interest of the century? After raking in hundreds of millions of dollars last year from cryptocurrencies, the Trump family is expected to make $1 billion in profits by 2025, according to a report in the Financial Times.
Cryptocurrencies: the Trump family’s jackpot
The Trump family’s fortune has continued to grow since the start of Donald Trump’s second term. The US president has pursued a very “pro-crypto” policy, while multiplying initiatives in the sector, either directly or through his sons.
According to the Financial Times, the president and his family have generated more than $1 billion in revenue (before taxes) from the sale of the WLFI and USD1 tokens, as well as his memecoins (TRUMP and Melania), his NFT collections, and his Bitcoin-related funds.
According to Donald Trump’s son, Eric Trump, who was interviewed by the Financial Times, the total amount of revenue is “probably higher” than the reported figure. Most of this year’s revenue is believed to be linked to WLFI sales.
Billions of dollars according to sources
According to sources, the sums involved could indeed be even more colossal. In early September, CBS reported that the Trump family’s fortune had grown by $5 billion since the launch of the WLFI token.
According to a Forbes report published a week ago, the amount at stake is $3 billion over the past year. The president, already a billionaire, has never had such a lucrative year: his fortune is now estimated at $7.3 billion.
A conflict of interest at the state level?
In light of this, accusations of conflict of interest, and even corruption, are pouring in. Donald Trump’s fortune has indeed grown in tandem with the numerous decisions and executive orders taken to promote the crypto industry:
No president in the history of the United States has used his dominant position as extensively as Trump.
For the Trump family, however, there is no problem. Earlier this month, Eric Trump claimed on the sidelines of the Token2049 conference that the accusations of conflict of interest were “unfounded.” But the opposition insists, as does Senator Elizabeth Warren.
She highlighted the links between the Trump family’s crypto projects and partners in Dubai and Singapore, suspecting opaque investments by major foreign powers:
A foreign power has taken control of U.S. foreign policy through secret cryptocurrency deals that give access to sensitive U.S. technology while enriching the families of the president and senior officials.
If these accusations were proven true, they could trigger one of the biggest scandals ever to hit the US presidency. But by then, the Trump family’s fortune will have had time to grow again.
