When the $TRUMP meme The coin flipped on Friday evening, to no one’s surprise. Or at least, they shouldn’t have been. He has a knack for jumping head first into endeavors he thinks he can make money by way of self-promotion, which often ends in disaster. Some of these ventures include Trump Airlines, Trump Vodka, Trump Steaks, Trump University, Trump Magazine, Trump Plaza Hotel and Casino, Trump Mortgage, Trump: The Game. Crypto is the next game in town that he has decided to throw his hat into.
I have already written articles and talked at various lengths about Trump’s leaning into the crypto space to garner votes this past election which was quite successful in many ways. At Bitcoin Nashville last summer, in an effort to drum up support for his presidential candidacy, Trump said some important things, including that America is “T.It is the crypto capital of the planet and the world’s bitcoin superpower,” that he would fire Gary Gensler, and that he wanted all remaining bitcoins to be made in America (relevant from a decentralized perspective, and highly unlikely in reality). He also famously said That will reduce his punishment Ross Ulbricht On day one, if he does I will be the first to give credit where credit is due. (For more on this I recommend watching the recent Cause documentation Why Ross Should Be Freed).
Crypto is Donald Trump’s next frontier and combines many of the things he absolutely loves when it comes to business deals – fast easy money, self-promotion, an America First message, and little bureaucracy standing in his way. friction So, what is the $TRUMP coin?
It is built on the Solana blockchain with a total supply of 1 billion tokens. Initially, 200 million tokens are available for circulation, while the remaining 800 million CIC Digital, belonging to the Trump Organization, are subject to a three-year lock-up period (which means the Trump family holds 80% of the supply.. .). After its launch, the market cap of the $TRUMP coin grew, reaching almost $6 billion. The coin price peaked at $33.7. The $TRUMP coin was marketed as a means for supporters to express their alignment with Trump’s ideals, not as an investment opportunity, which is the hogwash for the pump and dump self-sufficiency scheme that they are in my opinion. It’s unethical and unethical to create, and investors (oh, guess we should say “fans”) are stupid to participate.
With the inauguration on Monday, we are entering uncharted territory where it is likely that Trump will issue an executive order related to Bitcoin and crypto, and now the president, lacking legal concerns, and encouraged by supporters I truly believe. That he will be fine with whatever he does. . As he famously quoted, “I could stand in the middle of Fifth Avenue and shoot somebody, and I wouldn’t lose a voter, right?”
Some of these actions may be positive for the Bitcoin industry and prosecutors in the United States. But many of his actions could equally benefit the broader crypto space, which is littered with pump-and-dump scam coins and useless get-rich-quick schemes for wealthy insiders and those who have made this last cycle. He has lobbied during The pump and dump crypto landscape, its stupid coins and NFTs, understand Trump. In fact, I’m betting he really believes that’s the purpose of crypto, while knowing very little about Bitcoin. Trump has repeatedly said that he “Fun with crypto” and put an end to him keynote speech “Have a good time with your Bitcoin and your crypto and everything else you’re playing with,” he said at the Bitcoin Conference this past summer. Trump’s experience and ideas in crypto and bitcoin are around making fun and easy money. But with Bitcoin, many of us in the space are fighting for much more, including Bitcoin’s many use-cases such as censorship-resistant digital currency, digital gold, a medium of exchange for use in self-storage. And through privacy-preserving tools, a powerful. Tools for Human Rights, and more. This is not a gamble for us…this is the future of money that challenges the dollar and central bank regulation.
If Trump really started to understand this based on his track record and previous statements on Bitcoin, he would be quite against this use of Bitcoin. Or maybe he knows what Bitcoin is at some level, and will promote “fun” meme coins instead, and maybe Bitcoin as digital gold, but nothing else. He did after all Say in 2021Quite frankly, “Bitcoin, it just seems like a scam. I don’t like it because it’s just another currency against the dollar.” He added that he wanted the dollar to be “the currency of the world”. (For more on this concept I would recommend the following Mark Goodwin and his work on the Bitcoin dollar.)
Trump wants you to keep playing with crypto, sending money to his organizations, but it’s unlikely he’ll be a fan of anyone using bitcoin as a competitor to the dollar, disrupting traditional finance or using privacy tools ( Especially if you’re hostile or to what he perceives to be a left/woke cause, which maybe one day he’ll classify as our nonprofit. Progressive Bitcoiner as). I’ll continue to promote Bitcoin as a hedge fund, and hope you’ll join me instead of endlessly gambling on crypto “and everything else you’re playing with”.
This is a guest post by Trey Walsh. The views expressed are solely their own and do not necessarily reflect the views of BTC Inc or Bitcoin Magazine.
