Due to losses in the volatile cryptocurrency market, the Trump family's fortune has nosedived by a whopping billion dollars in just a few months. Trump's memecoin, including Melania's, has even underperformed Fartcoin. And Trump's followers are feeling the crunch, too.
Via Bloomberg News:
In President Donald Trump’s second term, crypto assets transformed his family’s wealth. Now the Trumps — and their followers — are getting a crash course in the wild volatility ingrained in digital currencies.
The value of a Trump-branded memecoin has fallen by about a quarter since August. Eric Trump’s stake in a Bitcoin mining venture has shed roughly half its value from its peak. And shares of Trump’s social media company, which started hoarding Bitcoin this year, are hovering near an all-time low.
The selloff is part of a broader rout that’s wiped out more than $1 trillion of value across the digital asset world. The Trump family’s fortune has fallen to about $6.7 billion from $7.7 billion in early September, according to the Bloomberg Billionaires Index, a decline largely tied to its growing portfolio of crypto ventures.
Those holdings involve intricate deals that go beyond straight bets on the value of digital currencies. Everyday investors, who have more ways than ever before to invest in Trump-linked projects, stand to feel greater pain. Any speculator who bought Trump’s memecoin at its peak after it was announced on inauguration weekend, for instance, would have lost almost the entire value of their investment by this month.
Still, Eric Trump insists that he remains undaunted. He's still trying to peddle the crypto and has even urged investors to double down -- even in crypto market downturns.
“What a great buying opportunity,” he said in a statement to the outlet. “People who buy dips and embrace volatility will be the ultimate winners. I have never been more bullish on the future of cryptocurrency and the modernization of the financial system.”
That tracks. It's like the economy. It's tanking, but Donald Trump claims it's the best economy in US history, even as we try to find affordable food to eat and meet healthcare and housing costs. Sure thing, Eric, buy now, before your family's gig is up.
