Cryptocurrency: Trump’s new coin gains value

President-elect Donald Trump launched a new cryptocurrency a token that is skyrocketing in value – and could potentially increase his net worth – just before his inauguration. It’s the latest norm-defying promotion from Trump, who has also helped sell branded merchandise. bibles, gold sneakers and encrusted with diamonds watches.

“It’s time to celebrate everything we stand for: WIN! Join my very special Trump community,” Trump said in a social post Friday evening promoting the new tokens. They are marketed with an image of Trump raising his fist superimposed on the words “FIGHT FIGHT FIGHT,” a reference to Trump’s response to an assassination attempt at a political rally in July.

While promoting the meme piece, Trump told his supporters to “Have fun! » The website selling the tokens says they are intended as a show of support and not an investment opportunity.

That didn’t stop people from trying to make money. The Trump meme coins started selling at $10 each before climbing to around $70 by Sunday morning.

Memo coins are a strange and highly volatile corner of the crypto industry that often starts as a joke with no real value, but can increase in price if enough people are willing to buy them. Dogecoin, the cryptocurrency including the mascot is a super cute dog who thinks things like “wow a lot”, is perhaps the best known. Meme coins can be used by scammers looking to make a quick fortune at the expense of unwary investors.

Some crypto enthusiasts welcomed the release of the Trump coin, saying it symbolized the support from the new president for an industry that felt unfairly targeted by the Biden administration. Trump promised to usher in pro-crypto regulations and chose crypto cheerleaders for key government positions.

Critics said the Trump meme coin could be a dangerous way for special interests and foreign governments to try to buy influence with the president.

“Now anyone in the world can deposit money into the bank account of the president of the United States with just a few clicks,” said Anthony Scaramucci, Trump’s former White House communications director. said the.

The sale of Trump meme coin was organized by CIC Digital, a subsidiary of the Trump Organization. The coin’s website states that 200 million Trump coins are currently available, with plans to issue 1 billion over the next three years. CIC Digital and another company collectively own 80% of Trump Coin and will receive “commercial income derived from trading activities,” according to the token’s website.

The Trump family business recently released a ethical agreement it prohibits Trump from making “day-to-day” decisions at the Trump Organization while he is president and limits financial information about companies shared with him.

Trump and his family previously helped launch a new cryptocurrency exchange business last year. The president-elect has also dabbled in NFTs, or non-fungible tokens, and last year reported earning between $100,000 and $1 million from a series of digital trading cards depicting him in cartoon-like images, including as an astronaut, cowboy and superhero.

Trump’s social media company, Truth Social, has also challenged traditional notions of value. Despite in difficulty To boost its revenue, the company is currently valued at over $8 billion, with Trump supporters helping to boost the stock price and net worth.