$2.2 Billion Crypto Earnings Exposed as 'Tip of the Iceberg'
Last Week Tonight host John Oliver targeted Donald Trump's cryptocurrency earnings in his latest episode, calling them 'tip of the iceberg.'
Trump, who previously described cryptocurrency as a 'disaster waiting to happen,' has made significant profits from crypto ventures, accumulating $2.2 billion in just one year.
The majority of this income came from the Trump family's crypto businesses, which generated about $1.4 billion. This is more than their real estate empire and other business interests combined.
Oliver analyzed two primary projects: the president's meme coins and World Liberty Financial. He noted that most meme coins follow a 'pump-and-dump scheme' trajectory, spiking in value then immediately crashing.
The Trumps launched their meme coins before the second inauguration, which surged in price but rapidly declined by December of the following year. Despite this, Trump reportedly earned $636 million from his meme coin.