Former President and presidential candidate Donald Trump has reportedly converted 10% of his wealth to Bitcoin in anticipation of multiple court cases which will likely end in him being jailed. The former president, and white supremacist leader, is rumored to be concerned that the courts will attempt to go after his assets and that Bitcoin provides a new form of protection for his wealth.
"The courts are being weaponized against me, and therefore are being weaponized against you. I see Bitcoin as the only way of protecting your wealth from the radical left who wants to burn this country to the ground. I moved my keys to cold storage so deep even the deep state can't touch them," Trump said on Truth Social. This move came as a shock to many Trump supporters as he had previously stated that he prefers the dollar to Bitcoin.
The former president went on to taunt the US government by saying, "Everyone wants my keys. I have a lot of keys. I have way more keys than most people. The deep state wants my keys. They can't have my keys though because of this thing called encryption. They can't even tell which keys are mine because I bought them with zero KYC. For all they know, I could sink one of my boats and lose all my keys in the process."
Bitcoin Twitter went wild on the news and Bitcoin Magazine tweeted an obligatory engagement tweet which got a lot more engagement than it needed to. They said, "Breaking: Donald Trump Converts 10% of his wealth into non kyc self custodied Bitcoin."
Legal experts suggested that publicly taunting the courts and other government agencies was not a sound legal defense, though his numbers in the polls spiked following the news.
The former president, is the first presidential candidate to openly talk about owning a substantial amount of Bitcoin as well as openly admitting to self custodying it. Little is known about the president's custody strategy other than his claim that the funds are in self custody in cold storage.