Former president Donald Trump has found a new love in cryptocurrency.
Trump sneakers, a special edition of shoes launched by the former president, sold out almost immediately after being listed.
This comes after Trump addressed over 3,000 attendees at a Bitcoin Conference last week.
The limited edition sneakers, featuring a Bitcoin-themed design, were listed on Trump's website and were quickly snapped up by eager buyers.
Also read: Bitcoin Rises After an Assassination Attempt on Donald Trump
The Launch and Features of Trump Sneakers
Earlier this week, Trump sneakers were listed on a Trump-owned website.
The high-top version, priced at $499 per pair, was available for pre-order.
Only 1,000 pairs of these bright orange sneakers were released, and they sold out quickly.
The sneakers are designed with a bitcoin symbol, which makes them attractive for crypto enthusiasts and Trump supporters.
“These exclusive sneakers celebrate the future of finance and the leadership of President Trump,” read the product description.
Another 1,000 pairs of low-top sneakers in bright orange and 1,000 in black were listed at $299.
Orange, is associated with support for Bitcoin, the world's largest cryptocurrency by market cap. High-tops and low-tops refer to the height of the shoes on the wearer's ankle.
By Thursday morning, the high-top range had sold out. Some of these pre-order purchases are already being resold on eBay for as much as $2,500.
Trump Crypto Stance and Market Impact
The Trump sneakers website is owned by CIC Ventures LLC, a company Trump declared in his 2023 financial disclosure.
The site clarifies that the sneakers have no connection to Trump's political campaign and are not designed, sold, or manufactured by Trump or his associates.
The Bitcoin-themed sneakers went live shortly after Trump's speech at the conference in Nashville.
During his address, Trump promised to fire SEC head Gary Gensler and create a strategic Bitcoin reserve if elected.
He declared himself a "pro-Bitcoin" president, opposing the sale of the 213,239 BTC seized by authorities and held in U.S. government wallets.
Former President Donald J. Trump | lev radin/Shutterstock
Trump's pro-crypto stance has pressured the Democratic party to reconsider its position on digital assets.
President Joe Biden and his administration have been notably anti-crypto, with Senator Elizabeth Warren leading the Anti-Crypto Army.
However, Trump's advocacy for keeping crypto in the U.S. has caused Biden to avoid vetoing key legislation favorable to the industry.
With the launch of Trump sneakers and his strong Trump crypto stance, Trump is capitalizing on his growing support from the crypto community.
According to the former president, he has raised $25 million from the crypto lobby, so the success of the sneaker is a cherry on top of his campaign's finances.
As reported by Decrypt, Trump's views on Bitcoin have changed over the years.
In 2021, he described Bitcoin as a "scam against the dollar," but he now positions himself as a pro-crypto candidate.
At the conference, he promised to build the United States "strategic Bitcoin stockpile" and argued that those who see Bitcoin as a threat to the dollar are mistaken.