Cardano co-founder Charles Hoskinson recently revealed that 78.5% of President-elect Donald Trump’s net worth, estimated at $29.6 billion, is tied to cryptocurrency. This revelation places Trump among the wealthiest cryptocurrency entrepreneurs globally. The statement coincides with Trump’s launch of the TRUMP memecoin, a controversial move that has drawn attention from the crypto community.
Cardano Co-Founder Charles Hoskinson Reveals Donald Trump’s Crypto Fortune
In a recent post on X, Charles Hoskinson disclosed that a substantial portion of Donald Trump’s wealth is invested in cryptocurrencies. According to Hoskinson, this amounts to 78.5% of Trump’s estimated net worth of $29.6 billion. The revelation establishes Trump as one of the most prominent figures in the cryptocurrency space.
Hoskinson noted that Trump’s extensive involvement in crypto could lead to notable changes in the sector. His administration may redefine the IRS’s policies on taxation of capital gains and the evaluation of digital assets’ fair market value. These anticipated changes could shape the crypto industry’s regulatory framework.
Charles Hoskinson added,
“The nice part of Trump newfound enormous crypto wealth will be changes to the IRS’s interpretation of capital gains and fair market value of crypto.”
Notably, Eric Trump also commented on the swift valuation of the $TRUMP memecoin, heralding it as “the hottest digital meme on earth.” He highlighted its rapid market cap increase to over $5 billion within a day of its launch as a testament to its popularity.
TRUMP Memecoin Gains $8B in Hours Before Inauguration
Meanwhile, Donald Trump’s launch of the TRUMP memecoin has added further intrigue to his financial connection to the crypto world. The meme coin amassed $8 billion in market capitalization within hours of its release. Trump’s company, CIC Digital LLC, reportedly owns 80% of the coin’s supply, positioning it as a lucrative venture.
More so, the TRUMP meme coin rally is a key driver pushing SOL price to new all-time highs. This surge highlights growing speculative interest and expands market participation within the Solana ecosystem. The broad appeal of meme coins contributes to the cryptocurrency’s robust valuation.
The meme coin rally coincides with Trump’s imminent inauguration as president. However, the timing has sparked ethical concerns, with critics questioning the propriety of a president-elect introducing a profitable product while preparing to assume office.
Ripple Lawyer Bill Morgan Comments on Trump’s Crypto Venture
Additionally, Ripple lawyer Bill Morgan has commented on how Trump’s promotion of the TRUMP memecoin might influence ongoing legal and regulatory battles. Morgan argued that Trump’s involvement in promoting a speculative digital asset could complicate the SEC’s legal approach, particularly in its case against Ripple and XRP.
Morgan pointed out that Trump’s “presidential immunity” might shield him from regulatory scrutiny. However, this raises broader questions about the need for robust crypto regulations. Trump’s actions, combined with his administration’s policy changes will likely shape digital asset oversight moving forward.
The Ripple lawyer also added that the appeal against Judge Torres’ decision is promising given the President’s view on token issuance without post-sale obligations. Morgan argued that Ripple’s sales of XRP similarly lacked such obligations. This perspective may reinforce Ripple’s decision to pursue its cross-appeal.
The @Ripple appeal of Judge Torres finding against Ripple’s defense that there must be a contract or post sale obligations is looking good.
After all the President of the USA thinks a token with no post sale obligations to buyers can be issued and promoted without being… https://t.co/OByrCesd8j
— bill morgan (@Belisarius2020) January 18, 2025
As Trump prepares to take office, his crypto-focused agenda could redefine the sector’s regulatory environment and influence ongoing legal cases such as the SEC v. Ripple lawsuit.
It is worth noting that Charles Hoskinson recently announced upgrades for the Cardano Lace Wallet, aiming to expand its functionality. These enhancements will support its growth and establish it as a leading cryptocurrency wallet in the industry.
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