The cryptocurrency project of President Donald Trump, World Liberty Financial (WLFI), has grown a whopping crypto portfolio worth more than $388 million. The price comes after the company had earlier purchased large amounts of Ethereum (ETH) and Tron (TRX) cryptocurrency. On Friday, Trump’s team purchased 4,700 ETH, run at around $15 million and $2.65 million worth of TRX, says blockchain data from Arkham.
The digital assets have been an actively growing collection for World Liberty Financial. In fact, they are now among the top 0.1% of Ethereum stakers, meaning they also have a lot of ETH. It all started out on Inauguration Day, when WLFI bought $47 million ETH and Bitcoin, along with millions in other digital currencies including Aave (AAVE), Chainlink (LINK) and Tron (TRX).
In addition to these investments, President Trump has been looking at new legislation to encourage the use of cryptocurrencies in the U.S. The order he signed just recently was titled “Strengthening American Leadership in Digital Financial Technology” and it is meant to establish US Bitcoin and crypto reserves. The order also blocks the creation of a government digital currency and allows for the use of digital currencies tied to real world assets, such as the dollar, known as stablecoins.
The executive order cancels the rules President Biden had put in to govern digital assets and creates a working group to work toward creating new rules for cryptocurrencies. Perhaps that could clarify and predetermine the rules of the digital currency game for enterprises and investors. Trump’s increasing involvement in the world of crypto could lead more people and companies to do the same.
Trump’s moves suggest he believes strongly in the future of digital currency and may lead to further changes in the treatment of cryptocurrencies in the U.S.
Also read: Arizona Senate Committee Approves Bitcoin Reserve Bill in Important Vote
