New Books in Economics Empire of Gain: Inside Trump’s Billion-Dollar Crypto Hustle
May 23, 2025
Join journalist Matt Binder, a crypto expert, and Edward Luce from the Financial Times as they delve into the Trump family's billion-dollar crypto ventures. They explore Trump's connection to cryptocurrencies, including the controversial launch of Trump coin and his $2 billion investment in Binance. The discussion raises ethical concerns over political influence, regulatory challenges, and the risks associated with cryptocurrency, including personal safety and organized crime. They also reveal the dark realities faced by crypto entrepreneurs in a volatile market.
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Meme Coins: Viral but Risky
- Meme coins are cryptocurrencies launched mostly based on viral internet trends with no real asset backing.
- Their value relies purely on community buying, causing late investors to often lose money to early buyers.
Stablecoins: Crypto's Safe Harbor
- Stablecoins are backed by assets like fiat currencies, maintaining steady value unlike meme coins.
- They function like savings accounts in crypto and generate profits from transaction fees and interest for issuers.
Meme Coin Grants Access, Then Dumps
- Trump's meme coin holders gained exclusive access through contests incentivizing large purchases.
- After winning the contest for a Trump dinner, many big holders promptly sold off their tokens.