How Trump’s vision of cryptocurrency turned from a “scam” to an NFT obsession

After news broke that former US President Donald Trump would launch a line of non-fungible trading cards (NFTs) in his likeness, it is worth remembering that he was not always open to the cryptocurrency sector.

In fact, Donald Trump’s batch of 45,000 NFTs minted on the Polygon (MATIC) blockchain was met with hype after he announced the launch on his social media platform. social truth On December 15th, it quickly sold out at the original price of $99.

Trump NFT holders are also given the chance to win a dinner with the former president, play golf with him at his golf club, make Zoom calls, have a face-to-face meeting with Trump, as well as receive autographed memorabilia from Trump himself.

Trump wasn’t always a fan

Having said that, Trump started out with a very skeptical attitude towards the new asset class, Indicates In July 2019, when he was still in the White House, he wasn’t impressed with virtual assets with “highly volatile” value:

Two years later, the former president referred to Bitcoin (BTC) as a “scam” and said he didn’t like it “because it’s another currency to compete with the dollar,” which he wanted to be “the currency of the world.” As he explained:

“And I don’t think we should have all the bitcoins in the world. I think they should regulate it to a very high degree. (…) take away the dollar and the weight of the dollar.”

Swipe to launch the NFT

When it comes to his latest NFT adventure, not all Trump supporters are on board. Keith and Kevin Hodge are stand-up comedians and Trump voters, published on Twitter that “Anyone who told Trump to do this should be fired.”

in another place MailThey said:

“Man, when all the Patriots are looking for is hope for the future of our country, and Trump pisses everyone off with a “big ad” and then puts out a low-quality NFT rally video as an “ad,” he’s driving people away…atans.”

Meanwhile, Trump’s digital trading card resell continues, with trading volume surpassing 7,092 ETH on the NFT trading platform. open seaIt’s currently worth around $6.63 million, factoring in the price of Ethereum at the time of publication.

Volume and price of Trump digital trading cards. Source: open sea

Interestingly, not all proceeds from the sale will go to the Trump 2024 campaign, but will instead go to the former president himself under a licensing deal, which some of his aides have expressed concern about, The New York Times Michael C. Bender and Maggie Habermann reported.

Warning: The content of this website should not be considered as investment advice. Speculative investments. When you invest, your capital is at risk.

The post How Trump’s View of Cryptocurrency Turned From “Scam” to NFT Obsession first appeared on Coinphony.

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