Trump announced on Friday the release of a cryptocurrency of $TRUMP on social media during the Cryptoball ball, which he organized in Washington for representatives of the indoor world. Since the issuance of the asset, called "the only authoritative Trump meme", its price has risen from 7 dollars to a highest of 33 dollars. There is 80 percent of this currency in Trump's hands, which, according to the calculations cited by Axios, means that the value of its tokens was up to $25 billion.
According to the portal, Trump can't sale them all right distant due to the fact that it's limited by a three-year asset sales plan. According to Axios, the increase in Trump's currency can make it the largest memecoin (a cryptolute referring to a mema or celebrated person) and surpass in this area promoted by Elon Musk dogecoin.
Despite being defined as cryptocurrency, both Dogecoin and $Trump are a digital asset serving mainly speculation. The Token Regulation states that ‘it is to be an expression of support and commitment to ideals and beliefs embodyed by the symbol ‘$TRUMP’ (...) and does not constitute, nor is it intended to be, subject to, investment opportunity, investment agreement or safety of any kind’.
Ethics doubts
As Forbes noted, the issue of "trumpcoin" may rise ethical doubts, as the nature of cryptocurrency allows investing in it to entities from all over the world, which opens the way to possible corruption. akin concerns were raised earlier by Trump's social media company, Trump Media and Technology Group. It is besides another initiative by the President-elect of the United States to monetize public support. He previously promoted, among others, the "only officially supported" Bible, sports shoes bearing his name and digital collector's cards.
Trump, initially skeptical of the cryptocurrency industry, has become their loud advocate in fresh years and has announced "making the cryptocurrency capital out of America". He besides appointed a peculiar advisor for cryptocurrency and artificial intelligence. Elon Musk's longtime associate David Sacks has a function to play.
