Trump's NFT Prices Soar as Mugshot Goes Viral, While Facing Election Subversion Charges
Summary:
The price of Donald Trump's NFTs surged after the release of his mugshot in his criminal case. Trump faces charges of attempting to subvert the 2020 election in Georgia. His digital trading cards increased by over 62% on the OpenSea marketplace. Despite being banned from Twitter, Trump posted the mugshot on X. He also holds millions in Ethereum. President Biden's regulatory approach to digital assets has received criticism. Trump leads the Republican nomination for the 2024 elections.
The value of nonfungible tokens (NFTs) featuring Donald Trump skyrocketed following the release of a photo depicting him during his criminal case in Georgia. The photo, which went viral as the first mugshot of a current or former U.S. President facing criminal charges, caused Trump's digital trading cards to increase by over 62% on the OpenSea NFT marketplace. Despite being banned from Twitter, Trump made his first X post in over two years with the mugshot.
The criminal case in Georgia alleges that Trump and 18 allies were involved in a racketeering scheme to undermine the 2020 election results. While he appeared in court and was released on bond, Trump still faces federal charges in the District of Columbia and a classified documents case brought by the Justice Department. Additionally, he is indicted in a New York criminal case related to falsified business records.
Although Trump had previously expressed skepticism towards cryptocurrencies, it was revealed that he held over $2.8 million in an Ethereum wallet. President Biden, on the other hand, has signed an executive order aiming to establish regulatory frameworks for digital assets. However, his approach has faced criticism from lawmakers and those within the crypto space.
While Trump leads the Republican Party nomination for the 2024 Presidential Election, he did not participate in the recent party debate. Florida Gov. Ron DeSantis, who is considered a top contender for the nomination, has vowed to ban central bank digital currencies if elected. The 2024 election has been referred to as a "referendum on fiat currency" by Vivek Ramaswamy, who gained attention for his debate performance and previously spoke at the Bitcoin 2023 conference in Miami.
Published At
8/25/2023 5:00:00 PM
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