Ironically, the American president himself is also partly responsible for this situation. Donald Trump’s family lost a billion dollars in cryptocurrency, according to figures published earlier this week by Bloomberg. In detail, the wealth of Trump and those close to him fell to $6.7 billion from $7.7 billion in September.
This extraordinary decline was caused by the decline of bitcoin, abandoned by investors in search of assets deemed less risky. Bitcoin has lost more than 33% of its value since its high was reached in early October, namely $126,251.31.
“Amazing buying opportunity”
What is questionable is the stock market’s doubts about the valuation of the artificial intelligence (AI) sector, including Trump’s statement regarding the potential return of the trade war between the United States and China. As a result, the entire crypto ecosystem collapsed.
Among them, the same coin launched with images of Trump family members, including Donald and Melania Trump, has lost more than 90% of its value since its launch. Last week, the Trump family’s media company, Trump Media & Technology Group Corp, saw its stock value hit an “all-time low” since it gained exposure to bitcoin.
Eric and Donald Trump Jr, two sons of White House tenants, saw their stake in bitcoin mining company American Bitcoin, recently listed on Nasdaq, fall from $630 million to $300 million after its shares plunged by half. The Trump family has also invested $6 billion in the $WLFI token. According to Bloomberg, the stock of this token is worth just $3.15 billion today.
Undeterred by this fall, Eric Trump prefers to talk about a “tremendous buying opportunity.” “Those who take advantage of the downturn and embrace the volatility will be the big winners,” he told Bloomberg. Nevertheless, between 2024 and 2025, the Trump family’s wealth will still increase from $4.3 billion to $6.7 billion.
