Mark Cuban thinks the Trump phone could be all about crypto fees
Mark Schiefelbein/AP
- Mark Cuban thinks the Trump smartphone announced Monday may include a crypto wallet linked to Trump coins.
- He said it may generate fees through $Trump and stablecoin transactions.
- The phone is the latest moneymaking venture from the family of President Donald Trump.
Mark Cuban believes that the real money-making idea behind the Trump Phone might not be the device itself — but what's inside it.
After Donald Trump Jr and Eric Trump unveiled a new Trump-branded smartphone on Monday, the billionaire investor floated a provocative theory on X. He thinks the $499 gold "T1" phone is likely about making crypto cash.
"I think the smart game they are probably playing is to put a crypto wallet on the phone that leverages WLF, $Trump, and their stable coins," Cuban posted in response to the product launch. WLF is a reference to crypto firm World Liberty Financial that's connected with the Trumps.
"Whatever transactions they can create generates fees for them, and there are so many way to sell things and pre-load whatever they want," he added.
TrumpMobile.com
Earlier this year, President Donald Trump launched his own meme coin, $Trump, which soared north of $70 billion at its valuation peak in mid-January.
A private dinner for top holders of the coin late last month required an average investment of nearly $1.8 million to attend, NBC News reported.
According to blockchain analytics firm Chainalysis, the coin's backers, including Trump's family and a network of affiliate companies, have already earned over $350 million in trading fees.
Trump Media & Technology Group also filed documents with the Securities and Exchange Commission seeking approval of a new bitcoin and ether ETF on Monday, with the fund aiming to invest 75% of its assets in bitcoin and 25% in ethereum — increasing the family's entrenchment in crypto.
The T1 phone
Eric Trump told Fox Business on Monday that the T1 would "revolutionize cellphones," while Trump Jr touted it as a "true value" American-made alternative to mainstream operators at a press conference in New York City.
It's unclear who is making the devices. Cuban also said on X: "I just want to know who makes them and where."
If Cuban's theory is right, the Trump phone could be a portal to a Trump-branded Web3 ecosystem preloaded with wallets, digital assets, and transaction-generating features.
There is no mention on the Trump Mobile website of cryptos.
Trump Jr said the venture would offer roadside assistance and telemedicine services as well as wireless coverage and the smartphone.
TMTG did not immediately respond to a request for comment.