Bloomberg site: Crypto crash is eroding the Trump family’s wealth
Bloomberg reported that the Trump family’s wealth has decreased by about one billion dollars due to the severe crypto market crash, dropping from 77 billion to 67 billion dollars.
Trump’s memecoin has fallen 25% since August, and investors who bought at the peak have lost almost all of their investment.
Shares of Trump Media Truth Social have reduced Trump’s asset value by about 800 million dollars since September. The company bought about 11,500 bitcoins at an average price of 115,000 dollars and is now at a 25% loss. The company’s CRO token reserves have also nearly halved.
The main crypto project of the family, World Liberty Financial, has brought the WLFI token down from 26 cents to 15 cents, and the family’s token value has decreased from 6 billion to 315 billion dollars. However, the Trumps have earned about 900 million dollars in cash from selling tokens so far.
The American Bitcoin company, the family’s bitcoin mining project, has fallen by more than 50%, and Eric Trump’s share value has decreased by about 300 million dollars. Trump’s memecoin has also decreased by 117 million dollars, but with the release of 90 million new tokens, about 220 million dollars have been added to the family’s assets.
Despite the market crash, Eric Trump has said that this situation is an opportunity to buy and remains very optimistic about the future of crypto and the modernization of the financial system.