In an unexpected move, US President-elect Donald Trump has launched a new cryptocurrency named $Trump, just days before his inauguration as the 47th President of the United States. Coordinated by CIC Digital LLC, an affiliate of the Trump Organization, this venture includes a staggering issuance of 200 million digital tokens. The market responded with fervor, driving the market capitalization to nearly $5.5 billion within hours of its launch.
CIC Digital LLC, alongside Fight Fight Fight LLC, holds a dominant 80% of these tokens. This tight control over the cryptocurrency raises questions about Trump's potential financial gains from the venture. As part of a strategy to expand the coin's availability, an additional 800 million tokens are slated for release over the next three years. Despite these developments, it remains unclear how much profit Trump himself stands to gain from this venture.
Cryptocurrency investors see potential benefits from Trump's administration, hoping it will bolster the industry. Meanwhile, critics have not held back in their assessment. Nick Tomaino, a prominent voice in the crypto community, remarked on the timing and ownership structure as "predatory," suggesting many investors could face financial harm.
"Trump owning 80 percent and timing launch hours before inauguration is predatory and many will likely get hurt by it" – Nick Tomaino
The $Trump cryptocurrency is categorized as a meme coin, intended to symbolize Trump's unyielding leadership style. The coin's website emphasizes this characteristic:
"This Trump Meme celebrates a leader who doesn't back down, no matter the odds" – CIC Digital LLC (website)
This initiative follows Trump's sons, Erik and Donald Jr., who announced their own crypto ventures last year. Despite Trump's previous reservations about cryptocurrency, his entry into this volatile market marks a notable shift in stance.
"My NEW Official Trump Meme is HERE! It's time to celebrate everything we stand for: WINNING!" – Donald Trump
As Trump prepares to assume office on Monday, the launch has sparked controversy. Critics accuse him of capitalizing on his upcoming presidency for personal gain. The release of $Trump raises ethical questions about leveraging political power for financial opportunities.