Donald Trump gives mixed answers on memecoin profits and crypto stance

Former U.S. President Donald Trump provided conflicting statements regarding profits from his crypto memecoin, Official Trump (CRYPTO:TRUMP), during an interview on NBC News’ Meet the Press aired on May 4.

When asked if he was profiting from the TRUMP token, launched in January, Trump initially denied making any profit.

“I’m not profiting from anything,” he stated.

“I haven’t even looked. If I own stock in something and I do a good job, and the stock market goes up, I guess I’m profiting,” he later acknowledged.

The TRUMP token initially peaked at $73.43 after its launch but has since dropped by about 85%, trading at around $11.35 in early May, according to CoinGecko.

Trump seemed unaware of the token's recent price movements, asking multiple times about its current value.

Two companies connected to Trump's business interests, CIC Digital LLC and Fight Fight Fight LLC, together own 80% of the 1 billion TRUMP tokens in circulation.

Most of these tokens are locked and set for gradual release until 2028, with 40 million tokens worth $454 million being unlocked on April 18.

A March Financial Times analysis estimated that the TRUMP memecoin project has generated at least $350 million, including $314 million from token sales and $36 million in fees.

Trump defended his financial interests in the token, drawing a comparison to real estate value gains during his presidency. When asked if he would contribute crypto earnings back to the government, Trump responded, “I never thought of that.”

“I want crypto. I think crypto’s important because if we don’t do it, China’s going to,” stated Trump, reiterating his support for cryptocurrency.

He criticised former President Joe Biden’s approach to crypto, claiming that Biden “went after it violently” before shifting his stance.

On May 4, Trump further emphasised the importance of keeping crypto development out of China’s hands, citing concerns over Chinese dominance in emerging technologies.