Trump’s billion-dollar crypto empire
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What is the main topic discussed in this episode?
I'm Daniel James, and you're listening to 7am.
What led Trump to embrace cryptocurrency after previously dismissing it?
Donald Trump returned to the White House promising to make America the crypto capital of the world, despite having once dismissed Bitcoin as not money and warned it was based on thin air in a 2019 tweet. In his first year back in office, Trump has set that scepticism aside as it became clear crypto presented an extraordinary business opportunity. A new financial disclosure hints at just how lucrative those ventures have become. And while some investors have lost heavily, Trump's own fortune has surged, raising questions about how far a president can go in turning public office into a money-making machine. Today, journalist and research director for Public Citizen's Trump Accountability Project, Zac Everson, on Donald Trump's crypto empire and the new frontier of political corruption in America.
It's Friday, July 3. Zach, thanks for joining us.
What does Trump's financial disclosure reveal about his crypto earnings?
We've got Trump's latest financial disclosure. What did it reveal about the president's wealth since taking office?
How does Trump's wealth compare to previous presidents?
The presidency has paid Donald Trump quite well, and that's not money coming directly from the U.S. taxpayers. It revealed that he has made at least $1.4 billion from crypto in the last year, which is just an astronomical amount of money. All told, his net worth, Forbes estimates it to be about $6 billion and change. So he is really doing better now than he has ever done in his entire career as a businessman.
I guess that begs the question, how does that compare to other presidents, Zach?
It compares quite favorably. We haven't seen any sort of record of any other presidents reporting anything remotely like this.
What controversies surround Trump's financial dealings with crypto?
And it's not just crypto. It's really everything.
Now, he earned more than $86 million in legal settlements as well. Those included the $24.5 million from Meta, $16 million apiece from Paramount and Disney.
He reported over 22,000 stock trades in the last year or so, which, again, is just an astronomical number.
I think with Joe Biden, it was in the dozens. And President Trump's biggest stock holdings include Amazon, Meta, Nvidia and Tesla.
He is very active financially. His entire financial disclosure came to 927 pages.
You had a very lucrative year last year. What message does this send to average Americans, especially those who may be struggling right now financially?
I don't get involved in my personal. We have funds that run my money.
How has Trump's family become involved in the crypto business?
The Press Well, I've made a lot of money before I became president, and they invest my money. And I don't talk to them. I don't even speak to them. So I have many people, I don't know what they call it, closed accounts or something. You put your money in, and that's it. I don't talk to them. They're big institutions, and they run it.
And he's made money selling other things as well, like Trump-banded Bibles and sneakers and other sort of small items.
You've got Bibles, you've got sneakers, you've got Trump fragrance, which I'm sure you're familiar with. I'm wearing it right now, Zach, yeah. I can smell it through the camera. Yeah, I mean, he's really opened himself up to being willing to profit in any way possible, in a way that we didn't even see in the first term. One of the examples I give for that is the online trumpstore.com. That didn't even exist in the beginning of his first term. It just directed people to a physical retail shop in Trump Tower in New York. Within hours of him being reelected, they already had out the 45-47 line, referring to the numbers of his presidency, peddling merch. And if you go on there right now, there are dozens of different types of MAGA hats and
The Trump Organization's official website is now selling Trump 2028 merchandise.
We're celebrating our 250th birthday.
What are the risks for investors buying into Trump's crypto ventures?
He's got all sorts of stuff pegged to that. You know, it doesn't matter that he's not 250, although he is getting up there. You know, Trump 250 is on a whole bunch of merchandise that he's selling. And you made several million dollars off that last year. But again, not as much as crypto.
Yeah. The big ticket item is crypto. $1.4 billion in income from that source.
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Chapters
8 chapters
1
What is the main topic discussed in this episode?
0:01–0:08
2
What led Trump to embrace cryptocurrency after previously dismissing it?
0:08–1:09
3
What does Trump's financial disclosure reveal about his crypto earnings?
1:09–1:16
4
How does Trump's wealth compare to previous presidents?
1:16–1:53
5
What controversies surround Trump's financial dealings with crypto?
1:53–2:42
6
How has Trump's family become involved in the crypto business?
2:42–4:04
7
What are the risks for investors buying into Trump's crypto ventures?
4:04–4:37
8
How does Trump's administration influence cryptocurrency regulations?
4:37–16:49
Speakers
3 identifiedMore from 7am
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