In a return to the crypto sphere, former President Donald Trump has launched a new business venture, tapping into the power of the Polygon network after successful Donald Trump NFT collection. Trump has revealed a unique Non-Fungible Token (NFT) collection, featuring his notable mugshot from Fulton County Jail in Atlanta. The collection is minted on the Layer 2, Ethereum-compatible blockchain network, a formidable player in the sector with a market cap of $8.3 billion.
Austin Arnold from TheStreetCrypto highlights Trump’s significant backing of Polygon, noting, “Former President Donald Trump has backed (Polygon) not once, not twice, but three times total in 2023, making a bold statement into 2024”. Trump’s support extends beyond mere endorsements, as he actively employs the blockchain network in his ventures.
As Trump leads the Republican nomination race for the 2024 presidential elections, his increasing involvement with crypto could hint towards a shift in his business strategy, driven by the promising revenue generated via Polygon. Aaron Arnold commented, “This could be very good for crypto if Donald Trump decides to become a fan at a certain point.”
Despite previously expressing reservations about digital assets, Trump’s renewed interest in Polygon could signify a change in his perception towards the crypto world. His latest Donald Trump NFT venture, coupled with recent disclosures suggesting substantial profits from them, indicate a potential shift in U.S. crypto policy if Trump regains political clout.
Austin Arnold reports, “It was disclosed by the United States Office of Government Ethics … that Donald Trump holds, at the time at least, $2.8 million of Ethereum, allegedly because of his relationship from selling these NFTs.”
In the broader scope, Trump’s alliance with Polygon is one of several high-profile collaborations that positions Polygon as a leading altcoin contender in the upcoming crypto bull run. Polygon boasts partnerships with major global brands such as Nike, Meta, Starbucks, the NFL, DraftKings, Adidas, Mercedes, Disney, Coca-Cola, and FIFA.
As the 2024 presidential elections approach, an increasing number of political candidates, including Vivek Ramaswamy and Robert F. Kennedy Jr., are expressing their support for the crypto industry, reflecting its growing influence in the political and economic landscapes.