Trump Family Advances Cryptocurrency Platform Business
The value of the 'Trump Empire,' spanning various sectors such as real estate, cryptocurrency, and media, is expected to soar.
On the 7th, Yonhap News cited Bloomberg News, reporting an analysis that Trump's assets, estimated at $6.68 billion (approximately 9.2 trillion KRW), could increase further with his presidential victory. This is because a significant portion of Trump's business is based on his personal image and political influence.
Former President Donald Trump, the Republican presidential candidate, is laughing heartily during an election rally held in Pennsylvania on October 29 (local time). Photo by Yonhap News.
Earlier, Trump Media, the parent company of the social networking service (SNS) Truth Social founded by Trump, had long been considered a 'presidential election theme stock' and has played a decisive role in increasing his assets. On the 5th, as Trump's chances of winning grew, the stock price surged by as much as 60%.
On that day, Trump Media announced its earnings for the third quarter (July to September), reporting revenue of $1 million (approximately 1.39 billion KRW) and a net loss of $19.2 million (approximately 26.7 billion KRW), but this was overshadowed by election issues.
Real estate businesses, including the Mar-a-Lago resort in Florida, are also expected to benefit. According to the Bloomberg Billionaires Index, the estimated value of the Mar-a-Lago resort is about $250 million (approximately 346.7 billion KRW). Some predict that considering Trump's influence, the actual value could be even higher.
Amid the spread of COVID-19 and the impact of high interest rates, the occupancy rate of Trump's commercial real estate '40 Wall Street' located in downtown Manhattan, New York, dropped from 98% in 2015 to 74% last June. Regarding this, there are also views that during Trump's administration, lending banks would find it difficult to take aggressive measures against his real estate.
Earlier, Trump showed a cryptocurrency-friendly stance during the presidential campaign, and related businesses are underway. Non-fungible tokens (NFTs) modeled after Trump are sold for $99 each (approximately 137,000 KRW), and according to data from last August, they generated up to $7.2 million (approximately 1 billion KRW) in revenue.
In this context, there is also a forecast that if Trump dismisses Gary Gensler, the Securities and Exchange Commission (SEC) chairman who is negative toward cryptocurrencies, and establishes Bitcoin as a national reserve, Bitcoin will soar.
The Trump family is also running a cryptocurrency-related platform called 'World Liberty Financial.' Although the platform has not yet been built, they have sold tokens worth millions of dollars to proceed with the business.
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