Trump Launches Own Cryptocurrency Before Inauguration, Set Ethical Alerts
Melania Trump launched her own cryptocurrency at her husband’s presidential inauguration on Sunday, just one day after launching his own coin — moves that are raising ethical concerns among crypto industry watchers.
“Incoming First Lady “The Official Melania Meme is Live! NOW YOU CAN BUY MELANIA” He wrote on X.
Donald Trump has his own meme coin $TRUMP SaturdayIt was marked with an image of an attempted assassination in July.
As of Monday morning, the $TRUMP coin has soared to $11 billion in market capitalization. As he says Crypto information platform CoinMarketCap, may increase its wealth by billions. Melania had a market value of $1.7 billion just hours before the inauguration.
Roughly 80 percent of Trump Coin tokens are held by CIC Digital, a Trump business affiliate, and another entity called Fight, Fight, Fight, according to the website. It says the coins are an expression of support and participation for the ideas and beliefs embodied in the “$TRUMP” symbol, and are not an investment or security.
The coin’s launch has sparked surprise and concern even among those in the cryptocurrency industry, some of whom have criticized Trump. one more time He and his family cashed in on his presidency, promoting a lucrative business product that stood for profit.
“While it’s tempting to dismiss this as another Trump show, the official Trump token launch opens a Pandora’s box of ethical and regulatory questions,” said Justin D’Annethan, an independent crypto analyst in Hong Kong.
“Do public representatives, especially those with such political power, have to make such a swing in the speculative markets? This is a question that regulators cannot ignore,” he said.
Trump is an enthusiastic supporter of crypto
Cryptocurrencies are a form of digital money used to pay for things in the online world, and meme coins – often volatile – are a form of crypto that is often driven by internet jokes.
Bitcoin, one of the most popular cryptocurrencies, surged after Trump’s election victory. It jumped more than 10 percent so far this month, rising again to a record high before graduation.
The incoming president has become an ardent supporter of crypto, signaling on the campaign trail that he will launch a Bitcoin strategic reserve, and hoping that many are working in crypto. Return rules The startup industry.
Trump appointed venture capitalist David O’Sachs as the nation’s first crypto czar and became the first presidential candidate to accept crypto as a valid form of campaign donation.
Bloomberg Reports Trump may use an executive order to designate cryptocurrency as a “national priority” after his inauguration on Monday. It also has strong support from the industry, with crypto companies like Ripple, Robinhood, and Coinbase donating to its startup fund.
But the president-elect hasn’t always been hot on digital assets: Trump has previously called Bitcoin a “fraud” in 2021, lamenting that it was competing with and undermining the US dollar.
