It looks like Donald Trump is seeking to further cash in on cryptocurrency while he’s president.
The president’s social media company, Trump Media & Technology Group, announced Tuesday that it plans to sell $1.5 billion in stock and $1 billion in convertible notes to buy Bitcoin. The company will hold Bitcoin as one of its assets along with cash and investments, which were worth $759 billion at the end of March.
“This investment will help defend our Company against harassment and discrimination by financial institutions, which plague many Americans and U.S. firms, and will create synergies for subscription payments, a utility token, and other planned transactions across Truth Social and Truth+,” said the company’s CEO Devin Nunes in a press release.
Trump is making tons of money off of cryptocurrency. On Thursday, he held a dinner at his Virginia golf club for the top buyers of his $TRUMP memecoin, earning a tidy $148 million from the contest, with the “winners” getting a crappy steak dinner for their efforts, aside from the blatant pay-for-access scheme.
Indeed, everyone who paid to attend the dinner admitted that they were doing so to try and influence the president. It’s corruption taking place right out in the open, with Trump raking in cash from anyone willing to pony up, whether they’re foreign governments or shady businessmen.
There’s no hope of oversight, either, as the White House has unceremoniously ended cryptocurrency investigations and Trump administration staffers scoff at the idea that the convicted felon president could ever be involved in anything unethical. It seems for the next few years, Trump will continue to make bank in questionable ways despite supposedly having more important duties as president.
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