Trump became a crypto-billionaire overnight thanks to the “Trump Meme” coin

President-elect Donald Trump’s new cryptocurrency token has made him a billionaire several times over, but concerns remain about the ethics of the project in light of his presidency.

According to Axios, Trump’s crypto holdings have reached a theoretical value of $58 billion which, combined with his other assets, could place him among the richest people in the world.

Trump announced the launch of the token, which he calls “$TRUMP,” on Friday, inviting his supporters to “join my very special Trump community.” The cryptocurrency’s slogan reads: “Join the Trump Community.” This is history in the making!

Marketing materials for the piece depict Trump with a raised fist after the assassination attempt on him last summer with “FIGHT FIGHT FIGHT” and Trump’s signature superimposed on the image.

Created by CIC Digital LLC – a subsidiary of the Trump Organization that has sold other Trump merchandise, including a “God Bless the USA Bible,” Trump sneakers, cologne commemorating the assassination attempt, and watches in $100,000 diamond – the token started trading at $10 each on Friday but hit $70 on Sunday morning, according to The associated press. The Trump Meme website says the Trump Organization owns 80% of the cryptocurrency and will gradually release more over the next three years while profiting from “commercial revenue” generated from sales.

The site also includes a disclaimer that the cryptocurrency “is not political and has nothing to do with any political campaign or political office or government agency.”

“Trump Memes are intended to function as an expression of support and commitment to the ideals and beliefs embodied in the symbol ‘$TRUMP,'” it continues.

The legal disclosure states that the tokens do not constitute “an investment opportunity, investment contract, or security of any kind.”

During the 2024 campaign, Trump repeatedly promised to be a pro-crypto president, earning him support and millions of donations from bitcoin and blockchain gurus after the president of the Biden administration’s Securities and Exchange Commission, Gary Gensler, has launched a legal crackdown on the industry. Major cryptocurrency figures are informally advising Trump, and some of them could be shortlisted for key positions in his administration.

Trump, who profited significantly during his first term from his hotels and resorts, is expected to rake in even more during his second term in the White House.

“It literally amounts to cashing in on the presidency — creating a financial instrument for people to transfer money to the president’s family in connection with his office,” said Adav Noti, executive director of a group of nonprofit ethics, Campaign Legal Center. The New York Times. “This is unprecedented.”