Former US President Donald Trump revealed plans to launch his fourth Non-Fungible Token collection. The move reflects Trump's deepening involvement in the Web3 space and marks a notable shift in his views on cryptocurrencies.
Also Read: The bold change in Donald Trump's election campaign: From Non-Fungible Token to crypto donations
The unexpected success with Non-Fungible Token helped spark ideas for a new collection
In a recent interview with Bloomberg, Trump revealed his intention to release a new Non-Fungible Token collection. He expressed surprise at the huge response and success of his previous Non-Fungible Token projects.
“I've done things like Non-Fungible Token and, you know, other things. And I noticed that 80% of the money is paid in cryptocurrency. Unbelievable,"
Trump said .
Trump teased the possibility of a fourth collection during a dinner at Mar-a-Lago in May for his Non-Fungible Token holders. However, he did not specify a specific time or provide more details at that time.
Trump’s first Non-Fungible Token launch began in December 2022 with the release of “Trump digital trading cards.” These collectibles were quickly sold out, raising about 648 Ethereum (ETH), equivalent to about 785,000 USD at the time.
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Trump's involvement in Non-Fungible Token and cryptocurrencies has received a lot of attention in the industry. His campaign has received support from prominent figures in the market, including Marc Andreessen and Ben Horowitz, co-founders of investment Capital firm Andreessen Horowitz (a16z).
Horowitz expressed his support for Trump in the latest episode of his podcast. He believes that Trump's favorable policies towards the technology and startup ecosystem were the deciding factor.
“But the future of our business, the future of new technology and the future of America are at stake. So here we are. And with a little bit of technology, we think Donald Trump is actually the right choice,”
Horowitz said.
Also Read: Donald Trump's Non-Fungible Token price drops 80% in 14 days
From pizzerias to crypto tycoons: Diverse donors fuel Trump's campaign
This support has also translated into significant funding. According to a recent Wall Street Journal report, Trump's campaign earned $3 million in cryptocurrency in the second quarter. These contributions are part of a total of $331 million collected through various fundraising channels.
Trump's two joint fundraising committees have recorded contributions, primarily made in Bitcoin and Ethereum, in federal campaign filings. The increase in crypto donations can be attributed to several prominent individuals in the digital asset industry.
For example, Cameron and Tyler Winklevoss, co-founders of cryptocurrency exchange Gemini, jointly donated $1.6 million in Bitcoin. Additionally, Jesse Powell , co-founder of the Kraken exchange, contributed nearly $1 million in Ethereum.
In addition to contributions from famous individuals, donations also reflect support from ordinary individuals. For example, a Michigan pizzeria owner and a ticket salesman for the Longing Island Railroad were among many who made small donations in cryptocurrency.
Trump's current stance on cryptocurrency represents a significant departure from his previous stance. During his previous presidency, he harshly criticized Bitcoin and other cryptocurrencies, calling them “not money” and “scams.” However, his recent actions and statements show a notable change. As noted by BeInCrypto, in early June, Trump even stated that he wanted all Bitcoin to be produced in the US.
“If we don't do it, China will step in, and China will have it—or another country. […] So you have to XEM —what I want, again, is what's good for the country. So we have a good foundation. [...] But I don't want to be responsible for allowing another country to take over this field,”
Trump explained his reasons.
Despite Trump's renewed support for cryptocurrency, not everyone in the industry agrees with his vision. Some experts say that producing Bitcoin in the US could create legal risks, potentially compromising its decentralized nature. There are also questions about the sincerity of Trump's support, with some suggesting his actions were politically motivated rather than a genuine endorsement of the technology.
Also Read: Cryptocurrency may just be a pawn in the hands of politicians
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