President Donald Trump’s social media company, Trump Media and Technology Group, recently invested $300 million into a Bitcoin-related asset. The company now holds about $2.2 billion worth of crypto.
In May, the TMTG announced that it is planning to raise $2.5 billion to buy Bitcoin to create a crypto reserve. The Trump Media CEO Devin Nunes said the purchase is part of the company’s “Bitcoin Treasury Plan”.
Nunes said, “We’re rigorously implementing our publicly announced strategy and fulfilling our bitcoin treasury plan.”
The Castle Island Ventures’ general, Nick Carter, said that Trump’s ties with cryptocurrency-related firms could create a conflict of interest. In an interview, he added, “This year, President Trump has been much more aggressive in his market predictions…On our side of the industry, it’s always a headache to have businesses with conflicting interests.”
Previously, Maxine Waters, Stephen Lynch, Senator Elizabeth Warren, and several other US representatives opposed Trump’s growing interest in cryptocurrencies and other digital assets. They said his involvement in the industry would cause a conflict of interest and accused him of enriching himself and his family through the crypto business.
Defending Trump’s stance on crypto, White House spokesman Harrison Fields said in an email that the president “has never engaged in, and never will engage in, any conflict of interest.”
For the unversed, over the past year, Trump has boosted his wealth with crypto investments, increasing it by at least $620 million.
The plan aims to raise $2.5 billion to build a Bitcoin reserve and capitalize on BTC’s long-term value.
Critics say Trump’s crypto investments may create conflicts, but the White House denies any ethical violations.
Trump has increased his wealth by at least $620 million through cryptocurrency-related investments in the past year.
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