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.

    • pdxfed@lemmy.world
      4·
      12 hours ago

      Correct; when someone else, especially a huge failed grifter himself, can pick the winners by simply designating then reserve crypto government currencies, they don’t like that. Unless of course it’s their coin.

    • NatakuNox@lemmy.world
      5·
      28 minutes ago

      It’s almost as if our leaders and their supporters have never read a history book. There’s a reason none government controlled, nor government backed money systems always failed. Just because it’s all happening on a computer doesn’t mean it’s a new concept. Crypto is a scam! Unless you have hundreds of thousands of dollars to just throw away or get extremely lucky (odds worse than the lottery.)

      I personally think we’ve pushed monetary base economic systems to their logical conclusion. Why pay for Necessities when we have the know-how, resources, and ability to provide for everyone? (rhetorical obviously)