You gotta hand it to him. US President Donald Trump has decided to give his official memecoin some utility. Now, you can buy sneakers, watches, and fragrances with the Official Trump (TRUMP) token. Yeah, because nothing says high-fashion quite like paying with imaginary money created by the 47th president of the United States. Remember when he said crypto value was “based on thin air”? Good times. 😂
So, according to a Bloomberg report on Jan. 29, there are three websites going along with this: GetTrumpSneakers.com, GetTrumpWatches.com, and GetTrumpFragrances.com. Sounds legit, huh? Apparently, these sites are owned by CIC Ventures LLC, a Trump-linked company. Shocking.
And get this, these websites also accept Bitcoin (BTC). Because why not? 🙄
Using TRUMP for these purchases gives the token some “utility” beyond just being a speculative plaything. According to Solscan, there are about 700,000 holders of this memecoin. But, of course, Trump affiliates own 80% of it. Ah, the good old days of “drain the swamp.” 🐊
Related: Elizabeth Warren joins call for probe of Trump over crypto tokens
Trump ventures into digital assets despite cries of conflict of interest
So, Trump’s linking these tokens to his merch sites shows he’s all in on this crypto thing. But here’s where it gets even more confusing: after launching a series of NFT collections in 2022, Trump and his family have also raised money for a decentralized finance platform called World Liberty Financial. Because when one pyramid scheme isn’t enough, why not start another? 🏦🔗
And if you thought it ended there, you’re wrong. First Lady Melania Trump has launched her own memecoin called MELANIA. Of course she did. 💁♀️
On top of that, Trump Media and Technology Group, which is behind the president’s social network, just announced that it’s expanding into financial services. Yes, investment vehicles like cryptocurrency. Shares of the company soared 8% after this announcement. 🎢
Trump, the first pro-crypto US president, has made some big promises to the crypto community and, funnily enough, he’s actually delivered. He pardoned Ross Ulbricht, the Silk Road creator, and set up a working group to explore a digital asset reserve for the US. Sure, why not? 🤷♂️
Related: Trump’s executive order sparks $1.9B of inflows to crypto ETPs
Under Trump, the SEC has established a new crypto task force focused on creating a clear regulatory framework for crypto. Remember the good old days of the regulation-by-enforcement approach during the Biden administration? And to think, we thought that was bad. 😅
While crypto enthusiasts are thrilled to have a pro-crypto president, others are more, let’s say, skeptical. Especially considering the multitude of ways in which Trump’s crypto ventures present conflicts of interest. It’s almost like, I don’t know, the fox guarding the henhouse? 🦊
Danielle Brian from the Project On Government Oversight said, “He has the power not only to be making money but he’s actually going to be in position to be making determinations around that entire sector.” You think? 🙄
During the height of all these memecoin launches, people noticed that the Trump family added billions to their net worth – because they control most of the tokens’ supply. Who would’ve thought? 🤔💵
Related: House Democrats want ethics probe on Trump over crypto projects
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2025-01-29 21:24