Trump Supporters Lose Millions on Family's Crypto Ventures

Nick Pinto, a 26-year-old social media content creator from New Jersey, turned a $7,000 bet on Donald Trump's memecoin into a $480,000 position, enough to win a seat at the president's dinner for the coin's biggest holders. The event took place in May 2025 at Trump National Golf Club in Virginia.

Pinto was initially skeptical but went 'crazy' after Trump added an incentive, promising the top 220 holders of the $TRUMP token a dinner at his golf club. He finished 72nd on the contest leaderboard and had spent around 60% of his entire investment portfolio on the token.

The memecoin was worth about $14 that day, down from a January high of about $75, and dropped a further 16% the morning after. Pinto sold most of his position at a loss of about $250,000 by late 2025.