President Donald Trump's media empire is expanding into financial services and could soon buy Bitcoin and other cryptocurrencies.
Trump Media and Technology Group, which runs Trump's social media platform, Truth Social, announced Wednesday that it would launch a financial services and fintech arm called Truth.Fi.
Truth.Fi could buy shares as part of its diversification strategy. "Bitcoin and similar cryptocurrencies or crypto-related securities" Charles Schwab has been entrusted with the custody of $250 million in cash.
It's worth noting that the bank doesn't allow its regular customers that kind of leniency.
Charles Schwab customers can dabble in crypto exchange-traded products, spot ETFs, mutual funds, and Bitcoin and Ethereum futures contracts—but "cannot currently buy or sell individual cryptocurrencies," As per its conditions
According to CoinGecko, at the time this article was written, Bitcoin’s price had fallen by 1.6%, and is now just below $102,000. BTC lost 2.5% in the last seven days.
TMTG’s CEO and chairman Devin Nunes made an announcement. "Developing American first investment vehicles is another step toward our goal of creating a robust ecosystem through which American patriots can protect themselves from the ever-present threat of cancellation, censorship, debanking, and privacy violations committed by big tech and woke corporations."
Trump claimed to have a strategy reserve of Bitcoin and to reduce regulation to aid the crypto industry.
Before he was inaugurated as president, his team released a Solana-based meme coin that is now one of the biggest cryptocurrencies by market cap.
But last week, hardcore Bitcoiners bemoaned the President's first crypto executive order. That's because it mentioned the possibility of a crypto stockpile, but with "digital assets" Bitcoin, but also in general.
Trump's media arm is promising to focused on ending "big tech's s assault on free speech by opening up the internet and giving people their voices back," According to the website,
Stacy Elliott edited this article.
