When the $TRUMP meme bottom fell on Friday night, no one was surprised. Or at least, they shouldn't be. He has a knack for jumping head first into ventures he thinks he can make money in, in self-promoting fashion, 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 spoken various words about Trump leaning into the crypto space to win votes in this past election which was very successful in many ways. At Bitcoin Nashville last summer, in an effort to garner support for his presidential candidacy, Trump said some specific things including that America will be “t.it is the crypto capital of the planet and the world's superpower bitcoin,” that he would fire Gary Gensler, and that he wants all remaining bitcoins to be made in America (from a decentralized point of view , and quite unbelievable in reality).He also famously said that he would travel fine than Ross Ulbricht on day one, and if he does, I'll be the first to give credit where credit is due. (For more on this I recommend watching the recent one Statement of purpose on why Ross should be freed).
Crypto is Donald Trump's next frontier and combines a number of things he loves when it comes to business deals – quick easy money, self-promotion, America first messages, and a touch of bureaucracy in his standing. way 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 distribution, and the remaining 800 million are held by CIC Digital, an affiliate of the Trump organization, subject to a three-year lock-up period (which means that 80% of provided by the Trump family). After its launch, the market cap of the $TRUMP coin soared, reaching around $6 billion. The highest value of the BO sector was 33.7 Euro. The $TRUMP coin was marketed as a way for supporters to express their alignment with Trump's views, rather than as an investment opportunity, which is a boon for the pump and dump self-enrichment scheme it is. an immoral and unethical idea to create, and investors (oops, guess we should say “fans”) are stupid for participating in it.
With Monday's opening, we enter uncharted territory where Trump is likely to issue Executive Orders related to bitcoin and crypto, and now confirmed by him leadership, lack of legal concerns, and supporters who I truly believe would be fine with whatever he does. . As he famously said, “I could stand in the middle of Fifth Avenue and shoot somebody, and I wouldn't lose any voters, okay?”
Some of these actions could be positive for the Bitcoin industry and advocates in the United States. But many of his actions could also benefit the broader crypto space which is full of pump-and-dump scam coins and needless get-rich-quick schemes for rich insiders and people who have lobbied through the This last round. The crypto pump and dump landscape, its cryptocurrency and NFT's, makes sense for Trump. In fact, I bet that he really believes that this is the purpose of crypto, although he does not know much about Bitcoin. Trump has repeatedly said that “fun with crypto” and finished it primary address at the Bitcoin Conference last summer by saying “have a great time with your bitcoin and your crypto and everything else you play with. ” Trump's knowledge and views on crypto and bitcoin are all about fun and making easy money. But with Bitcoin, many of us in the space are fighting for much more, which includes the many use cases of Bitcoin as an anti-censorship digital currency, digital gold, medium of exchange for use in self-preservation and through privacy protection tools, a powerful tool. a tool for human rights, and much more. This is not a gamble for us… it is the money of the future that will challenge the dollar and central bank rule.
If Trump really started to understand this, based on his history and previous statements on Bitcoin, he would be completely against this use of Bitcoin. Or maybe he knows what Bitcoin is at some level, and would rather promote the “fun” meme coins, and maybe Bitcoin as digital gold, but nothing more. He did after all say in 2021very clearly, “Bitcoin, it just looks like a scam. I don't like it because it's another currency that competes against the dollar.” He said he wanted the dollar to be “the currency of the world.” (For more on this concept I would highly recommend following Mark Goodwin and his work on the bitcoin dollar.)
Trump wants you to keep playing with crypto, giving money to his groups, but he doesn't seem to be a fan of anyone using bitcoin as a rival to the dollar, avoiding traditional finance or using privacy tools (especially if you are an enemy or from what he considers a left/woke cause, and maybe one day he would classify our non-profit The Advanced Bitcoiner as). I will keep promoting Bitcoin as a counter currency, and I hope you will join me, instead of endlessly gambling on crypto “and everything else you play with. ”
This is a guest post by Trey Walsh. Their views are entirely theirs and do not necessarily reflect the views of BTC Inc or Bitcoin Magazine.
