President-elect Trump launched his own cryptocurrency overnight and swiftly appeared to make more than $25 billion on paper for himself and his companies.
Why it matters: The stunning launch of $TRUMP caught the entire industry off-guard, and speaks to both his personal influence and the ascendancy of cryptocurrency in his administration.
- It also speaks to the nature of the crypto industry that someone could have $25 billion worth of something that literally did not exist 24 hours previously.
This is money from foreign governments and corporations buying influence. It has nothing to do with “Americans”.
There are plenty of Americans that will buy this coin and lose money.
I’m sure there’s still a plenty of idiots buying these.
Yes, to the tune of 10s or maybe a couple 100s of millions of dollars. But now Saudi Arabia can come in and buy a billion worth of the coin as a direct donation to trump with zero oversight. This is open corruption on a scale we simply haven’t seen before.
No doubt. Just saying it’s gonna be a rag pull towards the idiots in addition to all the corruption.