when $Trump Meme The currency fell on Friday evening, and no one was surprised. Or at least, they shouldn’t be. He has a knack for jumping headfirst into endeavors he thinks he can make money from, in a self-promotional manner, which often ends in disaster. Some of these projects include Trump Airlines, Trump Vodka, Trump Sticks, Trump University, Trump Magazine, Trump Plaza Hotel and Casino, Trump Mortgage, and Trump: The Game. Crypto is the next game in town that he decided to get involved with.
I have already written articles and spoken at various lengths about Trump’s leaning into the cryptocurrency space to gain votes in this past election which was very successful in many ways. In Bitcoin Nashville last summer, in an attempt to drum up support for his presidential run, Trump said some notable things including that America would become “It is the crypto capital of the planet “Bitcoin is the superpower in the world,” that he would fire Gary Gensler, and that he wanted all remaining Bitcoins to be manufactured in America (from a decentralized point of view, and highly implausible in fact). He also famously said that he would commute the penalty. Ross Ulbricht On day one, if he does I’ll be the first to give credit where credit is due. (For more information on this I recommend watching the latest The reason is documentary Why should Ross be released?
Cryptocurrencies are the next frontier for Donald Trump, and they combine many of the things he absolutely loves when it comes to business deals — quick, easy money, self-promotion, America’s first messaging, and little bureaucratic friction standing in his way. So, what is Trump’s currency?
It is built on the Solana blockchain with a total supply of 1 billion tokens. Initially, 200 million tokens are available for trading, while the remaining 800 million are owned by CIC Digital, a subsidiary of the Trump Organization, and are subject to a three-year block period (which means the Trump family owns 80% of the supply…). After its launch, the market value of Trump Coin skyrocketed, reaching nearly $6 billion. The coin price peaked at $33.7. $TRUMP was marketed as a way for supporters to express their alignment with Trump’s ideals, not as an investment opportunity, which is nonsense for a self-enrichment pump-and-dump scheme that is, in my opinion, unethical and unethical to create. And investors (oops, I guess we should say “fans”) are stupid to get involved.
With our inauguration on Monday, we are entering uncharted territory where Trump will likely issue executive orders related to Bitcoin and cryptocurrencies, and we are now encouraged by the presidency, lack of legal concerns, and supporters who I truly believe will 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 may be positive for the Bitcoin industry and its advocates in the United States. But many of his actions could also benefit the broader cryptocurrency space filled with scams and useless get-rich-quick schemes by wealthy insiders and the people who have lobbied him throughout this latest cycle. The pump-and-dump scene of cryptocurrencies, its idiot coins, and NFTs, makes sense for Trump. In fact, I bet he really believes that’s what cryptocurrencies are for, when he knows so little about Bitcoin. Trump has repeatedly said that “Fun with codingAnd he ended his speech Main title At a Bitcoin conference last summer by saying “Have fun with Bitcoin, your cryptocurrencies, and everything else you play with.” Trump’s experience and views on cryptocurrencies and Bitcoin are all about having fun and making easy money. But with Bitcoin, many of us in the field are striving for much more, which includes Bitcoin’s many use cases as a censorship-resistant digital currency, digital gold, a medium of exchange for use in self-policing and privacy-preserving tools, a powerful tool. . A human rights tool, and much more. This is not a gamble for us…it is the future of money that challenges the dollar and the rule of the central bank.
If Trump truly begins to understand this, based on his track record and past statements regarding Bitcoin, he will be completely against this use of Bitcoin. Or maybe he knows what Bitcoin is on some level, and prefers to promote “fun” memes, perhaps Bitcoin as digital gold, but nothing more. He did after all Say in 2021It’s pretty clear that “Bitcoin, it seems like a scam. I don’t like it because it’s another currency competing with the dollar.” He added that he wants the dollar to be “the world’s currency.” (For more information on this concept I highly recommend following Mark Goodwin And it works on the Bitcoin dollar currency.)
Trump wants you to keep playing with cryptocurrencies, funneling money to his organizations, but he’s unlikely to be a fan of anyone using Bitcoin as a competitor to the dollar, circumventing traditional finance or using privacy tools (especially if you’re an opponent or what he sees as a left/woke cause, Which might one day rank our non-profit Progressive Bitcoiner like). I will continue to promote Bitcoin as a resistance money, and I hope you will join me, instead of endless gambling on cryptocurrencies and everything else you play with.
This is a guest post by Trey Walsh. The opinions expressed are entirely their own and do not necessarily reflect the opinions of BTC Inc or Bitcoin Magazine.