Former US President Donald Trump has been actively transferring a substantial amount of Ether (ETH) to Coinbase. This activity follows his successful venture into the world of non-fungible tokens (NFTs), including a collection that features his own infamous mugshot.
The blockchain intelligence firm Arkham reports that since December 8th, Trump's associated wallet has moved approximately 1,075 ETH, valued at around $2.4 million, to Coinbase through 13 separate transactions. These transfers varied in size, including batches of 100, 125, and 200 ETH.
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Notably, Trump's involvement in cryptocurrencies marks a significant turn from his previous stance.
In August 2021, he dismissed digital currencies as "fake" and "a disaster waiting to happen," defending the US dollar's role in the nation's economic strength. However, his ETH balance, which had been growing since October, hit a high of $4 million before he started liquidating his holdings.
The timing of these transactions is intriguing, given Trump's announcement to run in the 2024 presidential election.
His campaign, however, faced a setback when Colorado's Supreme Court recently ruled to exclude him from the state's ballot. Despite this challenge and his earlier skepticism, Trump's engagement in the crypto market through his NFT collections and subsequent ETH transactions indicates a nuanced shift in his financial strategies.
It is worth noting that Donald Trump had previously launched a few NFT collections, including the Trump Digital Trading Cards part 1 and part 2.
Donald Trump's recent moves in cryptocurrency highlight a remarkable change in his attitude toward digital assets. As he navigates the complexities of the upcoming election, his actions in the crypto market will undoubtedly be closely watched by enthusiasts and skeptics alike.
