Trump launches own cryptocurrency ahead of inauguration, value skyrockets
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The news: President-elect Donald Trump launched a new cryptocurrency called the $TRUMP coin ahead of his inauguration.
Launched on Friday night local time, the meme coin is developed by CIC Digital LLC and Fight Fight Fight LLC, both affiliates of the Trump Organization.
The numbers: The price of the $TRUMP quickly soared from USD10 to over USD70, reaching a USD72 billion fully diluted market cap as of Sunday morning, Axios reported citing CoinGecko.
CIC Digital owns 80% of the tokens, with plans to increase supply from 200 million currently to 1 billion over three years, the Associated Press reported citing the company’s website.
Trump announced the launch on X and on his social media site Truth Social, describing it as a celebration of his ideals rather than an investment.
The context: The move comes as anticipation grows within the industry of crypto-friendly policies under Trump’s administration.
During his election campaign, Trump promised to make the US the “crypto capital of the planet” and has appointed crypto advocate Paul Atkins as SEC chair.
What they said: Critics, meanwhile, have warned of risks tied to political endorsements inflating speculative assets, and accused Trump of cashing in on the presidency.
“Now anyone in world can essentially deposit money into bank account of President of USA with a couple clicks,” Anthony Scaramucci, a former Trump White House communications director, said on X.
"Trump owning 80 percent and timing launch hours before inauguration is predatory and many will likely get hurt by it," Nick Tomaino, a crypto venture capitalist, posted in a social media post.
The sources: Axios, The Guardian, Associated Press
