Trump Calls For Bitcoin Regulation as Holdings Soar Past $5M

• FOX News appearance unveils Donald Trump’s positive attitude towards Bitcoin.
• Trump necessitates cryptocurrency sector regulation due to the rapid expansion of crypto.
• The president-turned-whale holds over $5M in assets with one dominant memecoin.

Last Friday, the controversy-prone business mogul and 45th American president, Donald Trump, appeared on FOX News and discussed the topic of blockchain technology.

When the host asked, “What about Bitcoin? Since it’s decentralized and the government cannot get their hands on it,” Trump responded that “a lot of people are doing it,” concluding that “it’s taken on a life of its own.” Affirming the United States Dollar (USD) as his favorite currency, he emphasized the need to bring regulations into the blockchain.

This signifies a switch in Trump’s stance on Bitcoin (BTC) , as the former president previously called BTC a “threat to the Dollar” and even called for the Treasury Secretary of the United States to “go after” the crypto sector in 2021.

Donald Trump: A Crypto Whale?

According to the blockchain detective agency Arkham Intelligence, Trump has been a cryptocurrency whale for a while. The face of multiple successful non-fungible tokens (NFT) collections, Trump cashed out his Ethereum (ETH) earnings a few months ago. However, his cryptocurrency balance remains above $5 million.

The Trump-themed memecoin MAGA (TRUMP) encompasses over 50% of the former president’s crypto holdings. Priced at $4.66, MAGA netted 253.5% monthly gains, 44.5% in the last seven days.

Besides the self-themed memecoin, Trump’s on-chain wallet consists of $2.20M Ether in original and wrapped forms. His fourth largest token is a lesser-known meme currency, Baby Trump (BABYTRUMP). With these on-chain stats, Trump joins the elite list of crypto whales accumulating ETH. However, there is no evidence that Trump is a Bitcoin holder, as the wallet contains no BTC.

On the Flipside

• Trump’s softening stance on Bitcoin comes after a severe protest against CBDCs , labeled as “a pathway for increased governmental surveillance.”
• However, Donald Trump also advocated for government regulation of Bitcoin for a smooth integration into the financial landscape of the United States.

Why This Matters

Highly-publicized celebrities exchanging views about Bitcoin raise awareness about blockchain technology. Crypto regulation has often been a hot topic for enthusiasts due to the U.S. Securities and Exchange Commission’s (SEC) ambiguous interpretation of cryptocurrencies qualifying as securities.

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