Donald Trump has bagged a spot among the world’s richest people on paper right before his inauguration following last week’s crypto coin launch.
Friday’s $Trump launch subsequently saw the cryptocurrency soar in value to US$52.71 by Monday, giving it a combined market capitalisation of around US$10.7 billion.
Some 200 million of the tokens were initially released, with a billion set to be rolled out in the coming three years, according to its website.
Though unclear how many the president-elect directly owns, the remaining 800 million were said to be held by Trump Organisation affiliate CIC Digital and subsidiary Fight Fight Fight LLC.
Collectively worth US$42.9 billion, the combined value alongside Trump’s existing US$7.2 billion fortune would rank him 26 among the world’s richest people.
This would mark a jump from 415 on the list, according to the Bloomberg Billionaire Index, to sit behind Stephen Schwarzman, head of alternative investment giant Blackstone.
Trump’s coin has already receded from a peak of US$75.35 seen on Sunday, though, in line with notorious volatility seen across the crypto market.
$Trump’s launch followed previous pledges of supportive measures by the president-elect, including a strategic US Bitcoin reserve, which aided a jump by the world’s largest crypto to yet another record on Monday.