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Trump’s plan to make billions off cryptocurrency
Jan 21, 2025
Molly White, a cryptocurrency and tech researcher, joins to discuss Donald Trump's recent foray into the crypto world with the launch of the '$TRUMP' coin. They dive into the ethical dilemmas of a former president profiting from cryptocurrency close to his presidency. Molly breaks down the risks associated with meme coins, highlighting market volatility and potential scams. She also unpacks the financial realities of Trump Coin, questioning the inflated valuations and examining the legal implications of Trump's involvement in the crypto market.
15:25
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Quick takeaways
- Trump's announcement of the '$TRUMP' token just before his inauguration raised substantial ethical concerns about the intertwining of personal profit and regulatory influence.
- The volatile nature of meme coins, like Trump Coin, highlights significant risks to financial stability, especially if cryptocurrency regulations are loosened under Trump's administration.
Deep dives
Launch and Initial Surge of Trump Coin
Trump Coin was announced just days before Donald Trump's inauguration, sparking significant interest and leading to a sharp increase in its market cap, which reached $15 billion. The launch was promoted through Trump's social media platforms where he invited supporters to celebrate his election victory by purchasing the meme coin. Initially, early investors had the potential to see massive returns, but most participants bought in at higher prices, leading to mixed outcomes as the coin's value fluctuated. This volatility is typical of meme coins, which are speculative in nature and often leverage internet trends rather than underlying products or services.
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