Trump Launches Cryptocurrency Bearing His Name and Its Value Doubles Within Hours
Trump Launches Meme Coin Days Before Returning to the White House
On Friday evening, the elected president Donald Trump launched his own cryptocurrency, which saw its value skyrocket overnight, potentially increasing his net worth by tens of billions of dollars on paper, just days before his inauguration as president.
The market value of the cryptocurrency quickly surged to several billion dollars. Today, its market value jumped to $20 billion, with the price now hovering around $60 after being released just a day earlier for a few cents.
Trump’s $Trump coin launch comes as he prepares to take office on Monday as the 47th President of the United States. A company owned by Trump, CIC Digital LLC, owns about 80% of the coin, according to its website. Currently, 200 million coins are available for sale, with an additional 800 million expected to be released over the next three years.
On average, Trump's companies could sell around 24 million coins monthly in the market, which at current prices would generate an income of $675 million per month, or $8.1 billion annually.
At present, it is impossible to track who will purchase the coin over the next three years, and thus direct their funds straight to Trump. Given the broad interpretation of the Supreme Court, there is a high chance that such actions may be considered legally valid.
Conclusion: Trump has just given a masterclass on how a president can turn power into wealth.
Thousands Protest in Washington Against Trump
Critics have accused Trump of exploiting his presidential position to promote this coin, citing that owning 80% of the coin and timing its launch just hours before his inauguration is an act of exploitation. Many are likely to be harmed by this venture.
President Joe Biden’s regulators have raised concerns about fraud and money laundering while pursuing cryptocurrency companies through lawsuits against exchanges.
Trump, who had previously been skeptical of cryptocurrencies, stated at last year’s Bitcoin conference that America would become the global capital of crypto once he returns to Washington.
