On July 21 (local time), Trump Media & Technology Group, which operates the social networking service Truth Social, announced that it had acquired Bitcoin and related assets worth $2 billion (approximately 2.7682 trillion won).
According to Trump Media, about two-thirds of the company's total liquid assets are currently held in Bitcoin.
Following this news, Trump Media's stock price surged by as much as 9% at one point during the day.
Donald Trump, President of the United States, is the largest shareholder of Trump Media, holding a stake valued at approximately $2.3 billion. According to Forbes, virtual assets account for as much as 60% of President Trump's wealth.
Although President Trump was once skeptical of virtual assets, during last year's presidential election he declared his intention to make the United States the global center of virtual assets, and since taking office he has actively promoted virtual assets. He signed an executive order to establish a strategic Bitcoin reserve and appointed a 'virtual asset czar.' On July 18, he also signed the 'Genius Act,' which establishes a regulatory framework for stablecoins, thereby providing policy support for virtual assets.
He is also pursuing virtual asset businesses personally. According to the U.S. financial media outlet CNBC, he has earned millions of dollars through World Liberty Financial and the meme coin $TRUMP, among others.
This has led to allegations that he is using his presidential position to increase his family's assets. President Trump's side claims there is no conflict of interest between President Trump and World Liberty because his current assets are held in a trust managed by his eldest son, Donald Trump Jr. However, CNBC pointed out that the assets in the trust are indirectly owned by President Trump, who is both the trust's founder and beneficiary, and that he will be able to access them after leaving office in 2029.
Democratic lawmakers and ethics experts are also raising concerns about conflicts of interest. In a report published in April, the Democracy Defenders Fund stated, "As a virtual asset stakeholder, President Trump is highly likely to benefit from the policies he is pursuing."
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