On the weekend preceding his presidential inauguration, Donald Trump launched a new cryptocurrency, prompting deep concerns from critics that he could be influenced by rich individuals or foreign powers that contribute to it.
The $TRUMP coin was introduced on Friday during a “Crypto Ball” Trump was hosting in Washington, D.C. On social media, Trump described the coin as his “official Trump meme” that celebrated his “WINNING” the presidency.
By the next morning, the coin was worth nearly $6 billion. On Sunday, it was valued at over $56 billion, and, according to reporting from Axios, represented about 89 percent of Trump’s net worth.
The coin has “enriched Trump personally,” that report stated, noting that anyone in the world can contribute to the coin’s value.
The Biden administration had sought to enact heavy regulations on cryptocurrencies, noting that their volatilities make them easy to manipulate. But Trump has indicated that his incoming administration will place fewer, if any, regulations on crypto, and will likely allow his coin to remain active even as he’s serving as president of the United States.
Indeed, the $TRUMP coin has already fluctuated a great deal — at one point, a single share of the coin was valued at over $72, but as of Monday morning, that value has shrunk to around two-thirds that amount, at around $53 per share.
Shortly after his coin launched, one featuring the name of his wife, Melania Trump, was also issued. The $MELANIA coin will also undoubtedly raise billions of dollars, and enrich the incoming president and his family as a result.
Critics were quick to point out that the Trump coins are a means for creating corrupting influence on the new president, as anyone can pay any amount into them, increasing Trump’s net worth. Trump, who infamously refused to divest his assets during his first term in office (and who is now making a similar move as he begins his second stint at the White House), could make important decisions based on sizable contributions to the coin, without any oversight stopping him from doing so, short of impeachment.
“A massive scandal is unfolding. … [Trump is] now a multi-billionaire from this scam, opening a portal to untraceable payoffs from corporate and foreign actors,” civil rights activist Nadine Smith noted in a Bluesky post.
“Trump’s crypto scheme is probably the single most corrupt act any president has ever undertaken,” wrote Will Stancil, a commentator and attorney at the Institute on Metropolitan Opportunity. “It’s literally ‘You can pay me, the president of the United States, billions of dollars’ and that’s exactly what people have done.”
“Trump’s DC hotel was a convenient way for foreign and domestic lobbyists to put cash directly into his pocket,” HuffPost White House correspondent S.V. Dáte reminded people in a post made on X. “This crypto thing is next level. Anyone on the planet can put money directly into his pocket.”
Help Truthout resist the new McCarthyism
The Trump administration is cracking down on political dissent. Under pressure from an array of McCarthy-style tactics, academics, activists and nonprofits face significant threats for speaking out or organizing in resistance.
Truthout is appealing for your support to weather this storm of censorship. We’ve launched a fundraising campaign to find 500 new monthly donors in the next 10 days. Will you be one?
As independent media with no corporate backing or billionaire ownership, Truthout is uniquely able to push back against the right-wing narrative and expose the shocking extent of political repression under the new McCarthyism. We’re committed to doing this work, but we’re also deeply vulnerable to Trump’s attacks.
Your support during our fundraiser (7 days left) will help us continue our nonprofit movement journalism in the face of right-wing authoritarianism. Please make a tax-deductible donation today.