Trumps Approval for Crypto Only Extends to Grifting
When the $TRUMP meme cryptocurrency made its debut on Friday evening, it didnt come as a shock to many. Known for diving headfirst into money-making ventures with a penchant for self-promotion, Donald Trump has a history of ventures like Trump Airlines, Trump Vodka, Trump Steaks, and more. Now, hes ventured into the cryptocurrency world.
Trumps foray into the crypto space has been a topic of discussion, especially after his statements at Bitcoin Nashville last summer. He touted America becoming the crypto capital of the planet, expressing his desire to make America a bitcoin superpower. His recent involvement with the $TRUMP coin on the Solana blockchain further solidifies his interest in the crypto industry.
The $TRUMP coin operates on the Solana blockchain and boasts a total supply of 1 billion tokens. Initially, 200 million tokens are in circulation, while the rest are held by a Trump Organization affiliate, CIC Digital. Following its launch, the $TRUMP coins market cap surged to around $6 billion, with its price reaching a peak of $33.7.
As Trumps presidency looms, theres anticipation of Executive Orders relating to bitcoin and other cryptocurrencies. His actions could impact the industry positively, but they could also benefit pump-and-dump schemes prevalent in the crypto space.
Despite Trumps engagement with crypto, his views seem to revolve around the entertainment and profit aspects rather than the fundamental principles of decentralized currency like Bitcoin. He has previously expressed skepticism towards Bitcoin and its competition with the dollar, indicating a preference for traditional finance.
While Trump encourages engagement with crypto, advocates of Bitcoin focus on its potential as a resistance money that challenges the current financial system. Rather than getting caught up in meme coins and speculative investments, promoting Bitcoin as a transformative form of currency is paramount.
This is a guest post by Trey Walsh. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.
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