President-Elect Donald Trump Launches $TRUMP Meme Coin, Signals Support for Crypto Sector

Last night, Donald Trump announced the launch of the $TRUMP meme coin, a form of cryptocurrency token known for volatility and fraud in an overall market that already infamous for both.

Donald Trump has officially entered the cryptocurrency arena with the launch of his own meme coin, joining a market already notorious for volatility and fraud. This latest venture marks a significant shift from Trump's previous skepticism towards cryptocurrencies, evident in his statements as recent as 2021.

Despite his initial hesitance, Trump has now embraced the digital asset realm, beginning with an NFT collection launch in December 2022. Priced at $99 each, these NFTs sold out within hours, reportedly fetching a total of $4.5 million. Notably, while the broader NFT market has experienced a downturn, Trump's NFTs have managed to retain their value, currently exceeding their original asking price.

Furthermore, Trump played a role in launching a crypto venture called World Liberty Financial last October. This decentralized finance platform allows users to trade in various cryptocurrencies. While Trump and his sons do not hold ownership or official positions in the company, they are being compensated for promoting it. Recent updates on World Liberty Financial indicate a loss of $4.8 million in its crypto holdings.

The connections surrounding the president-elect's crypto venture continue to unfold. Trump was instrumental in establishing the company alongside Steve Witkoff, a New York real estate magnate recently appointed by the president-elect as his Middle East envoy. According to reports, Witkoff was also present during Trump's meeting with embattled New York City Mayor Eric Adams in Florida last Friday.

Mayor Adams, who will face a federal corruption trial in April, has openly expressed his support for cryptocurrencies. During a press conference on December 3, 2023, he stated, "Remember y'all laughed at me when I first got my Bitcoin. Who's laughing now? Go look at my Bitcoin now. ... Now you wish you would have done it." While Adams mentioned meeting with Trump in an official statement, he made no mention of Witkoff's presence or whether cryptocurrencies were discussed.

Beyond his personal ventures, Trump has also shown a willingness to mobilize the American government in support of the crypto sector. Key appointments include Paul Atkins, a staunch cryptocurrency advocate and veteran SEC official known for his laissez-faire approach to regulation, to a crucial role in the administration.

According to multiple reports, Silicon Valley financier David Sacks is set to be appointed by Trump as the "A.I. and crypto czar." Notably, Sacks played a role in lobbying the federal government to bail out the failed Silicon Valley Bank, where he had substantial holdings, despite previously taking a hardline libertarian stance against such practices in other instances.

As reported by Bloomberg, Trump is expected to sign an executive order upon taking office, prioritizing cryptocurrency as a state policy and encouraging close collaboration between government officials and the industry. According to the same sources, Trump had already announced during his campaign last summer that if elected, he would allocate the roughly $19 billion in criminal proceeds seized by the federal government—another move that could be realized through an executive order.

Some crypto-promoting think tanks have urged the president-elect to go a step further, suggesting he purchase additional Bitcoin to be held as a "strategic reserve," akin to the government's stores of oil and gold. However, such a move would likely require approval from Congress.

Fluctuating wildly throughout its first day of trading, the president-elect's meme coin experienced a low of $40.72 a token, following a high of around $75 this morning.