Barely invested, Donald Trump promotes his own cryptocurrency

This is the highest paying joke ever. The new President of the United States and his wife each launched a memecoin: a cryptoasset normally with a humorous aim, which has no other purpose than to support them. You can buy them via exchange platforms or even directly on the billionaire president’s website with a Blue Card.

“It’s time to celebrate our victory”Trump said, calling on his voters to send him money. The worst part is that it works! The $TRUMPs were trading this Monday at 60 dollars, for 12 billion in assets, when all the $MELANIAs sold were approaching 2 billion.

These “currencies” are issued by CIC Digital LLC, a subsidiary of the Trump Organization, and the president intends to multiply the quantity to be distributed by 5 within three years! On the first day, the net profit for Donald Trump would have exceeded $500 million, and he still held 80% of the tokens issued.

A textbook case of conflict of interest

Virtually and during the day of January 20, Donald Trump’s financial assets swelled by nearly $60 billion in cryptoassets. Just thanks to a memecoin, which didn’t even exist this Friday.

There is something dizzying about the idea that the President of the United States is launching a joke currency for his own benefit, while he is preparing to appoint the future boss of the stock market policeman. The precedent had anticipated his dismissal, caused by his desire to regulate cryptocurrencies.

Legally, what Trump has just done raises the question: is it a scam? Insider trading? A huge conflict of interest in any case, especially since with his sons the president is also launching a cryptocurrency sales and exchange platform: World Liberty Financial.

The Trumps are investing in an ultra-speculative sector, the regulation of which they control. The President of the United States, for his own personal gain, ends up criticizing the dollar, the intrusive role of the Central Bank, taking up without citing the theories of Friedrich Hayek on the competition of private currencies.

Donald Trump had already financed part of his campaign with this type of memecoin: Maga had reached several hundred million dollars in capitalization, while he had sold NFTs, sort of digital collectible cards, bearing his image, for $4 million. He also sells his own derivative products: caps, t-shirts, signed Bibles, watches… But he realized that he could sell nothing, monkey money, to many more buyers.