When the $TRUMP meme cryptocurrency launched on Friday night, nobody was taken aback. Or at the very least, they shouldn’t have been. He possesses a talent for diving headlong into ventures he believes can yield profit, often in a self-promotional manner, which frequently culminates in calamity. Some of these enterprises include Trump Airlines, Trump Vodka, Trump Steaks, Trump University, Trump Magazine, Trump Plaza Hotel and Casino, Trump Mortgage, Trump: The Game. Cryptocurrency is the next arena he’s chosen to enter.
I’ve previously authored pieces and discussed at length Trump’s engagement with the crypto domain to gain votes in the recent election, which was, in many respects, quite prosperous. During Bitcoin Nashville this past summer, in an attempt to rally support for his presidential bid, Trump made several notable remarks, including that America will become “the crypto capital of the planet and bitcoin superpower of the world,” that he would dismiss Gary Gensler, and that he desires all remaining bitcoin to be produced in America (concerning from a decentralization perspective, and utterly implausible in reality). He also notably stated that he would commute the sentence of Ross Ulbricht on the first day, which if accomplished, I will be the first to acknowledge due credit. (For further insight, I recommend viewing the recent Reason documentary on why Ross should be liberated).
Crypto represents Donald Trump’s new frontier, merging several elements he genuinely enjoys regarding business dealings – Rapid easy profits, self-promotion, America-first rhetoric, and minimal bureaucratic hurdles in his path. So, what exactly is the $TRUMP coin?
It operates on the Solana blockchain with an overall supply of 1 billion tokens. Initially, 200 million tokens are accessible for circulation, while the remaining 800 million are retained by CIC Digital, a Trump Organization affiliate, under a three-year lock-up agreement (which indicates the Trump family retains 80% of the supply…). After its launch, the $TRUMP coin’s market capitalization soared, reaching around $6 billion. The coin’s value reached a high of $33.7. The $TRUMP coin was promoted as a means for backers to signify their allegiance to Trump’s principles, instead of an investment opportunity, which is nonsense for the pump-and-dump self-enrichment scheme that he is, in my view, unethical and immoral for creating, and investors (whoops, we should probably say “fans”) are foolish for participating in.
With the inauguration on Monday, we are stepping into uncharted waters where it’s probable Trump will issue Executive Orders regarding bitcoin and crypto, now invigorated by the presidency, free from legal concerns, and backed by supporters who I genuinely believe would support anything he chooses to do. As he famously declared, “I could stand in the middle of Fifth Avenue and shoot somebody, and I wouldn’t lose any voters, OK?”
Many of these measures could have a positive impact on the Bitcoin industry and advocates in the United States. However, numerous actions he takes could equally benefit the larger crypto sphere, which is riddled with pump-and-dump scam coins and worthless get-rich-quick schemes for affluent insiders and individuals who have lobbied him throughout this last cycle. The pump-and-dump crypto environment, his quirky coins, and NFTs resonate with Trump. In fact, I wager he genuinely thinks this defines crypto’s purpose, despite knowing little about Bitcoin. Trump has repeatedly mentioned he has “fun with crypto” and wrapped up his keynote speech at the Bitcoin Conference this past summer by advising everyone to “have a good time with your bitcoin and your crypto and everything else that you’re engaging with.” Trump’s understanding of and stance on crypto and bitcoin centers around enjoyment and easy profits. However, for many of us involved in the space, we are advocating for far greater ideals, which encompass Bitcoin’s various applications as a censorship-resistant digital currency, digital gold, a medium of exchange for self-custody, and via privacy-enhancing tools, a potent instrument for human rights, and much more. This is not merely speculation for us…it’s the future of currency that challenges the dollar and central bank dominance.
If Trump truly began to comprehend this, based on his history and previous comments about Bitcoin, he would likely oppose this use of Bitcoin. Alternatively, he may possess a basic understanding of what Bitcoin represents and prefer to promote the “fun” meme coins and perhaps Bitcoin as digital gold, but nothing beyond that. He did, after all, state in 2021, quite distinctly, “Bitcoin, it just seems like a scam. I don’t like it because it’s another currency competing against the dollar.” He further stated that he wanted the dollar to remain “the currency of the world.” (For further exploration of this notion, I highly recommend following Mark Goodwin and his analyses on the bitcoin dollar.)
Trump desires that you continue engaging with crypto, channeling funds into his organizations, but it’s improbable that he’d endorse anyone utilizing bitcoin as a rival to the dollar, bypassing conventional finance or employing privacy measures (especially if you are an opponent or from a cause he considers left/woke, which perhaps one day he’d categorize our nonprofit The Progressive Bitcoiner as). I will persist in advocating for Bitcoin as resistance money and hope you will join me, rather than incessantly betting on crypto “and everything else you’re engaging with.”
This is a guest post by Trey Walsh. The views expressed are entirely his own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.
