President Donald Trump’s goodwill in the cryptocurrency industry has taken a hit after he and his wife launched meme coins — a move critics say looks like an unseemly cash grab that undermines an effort to legitimize digital assets.

Summary

Donald Trump launched a meme coin during his inauguration celebrations, prompting backlash from the crypto industry.

While Trump has pledged pro-crypto reforms and appointed industry-friendly officials, critics say his meme coin venture undermines efforts to legitimize digital assets, branding it as a “cash grab.”

The coin, initially priced at $70, dropped to $45 after First Lady Melania Trump launched her own meme coin.

Crypto leaders fear the association with meme coins damages the industry’s credibility as a serious financial sector.

The Trump Organization organized the sale of the coins, which are marketed as expressions of support rather than investment opportunities.

  • Voroxpete@sh.itjust.works
    141·
    10 hours ago

    “Oh shit, we threw in with an obvious grifter and he turned out to be a total grifter! Who could have predicted this!?”

      • Voroxpete@sh.itjust.works
        2·
        9 hours ago

        Honestly, “a collection of grifters expecting everyone around them to not be a grifter despite all evidence to the contrary” is probably one of the best possible descriptions of the crypto world.

        But then I suppose really it’s just an apt description of all forms of libertarianism, a philosophy premised on the notion that a world where the total freedom to fuck everyone over will somehow result in no one getting fucked over.