President-elect Trump launched his own cryptocurrency overnight and swiftly appeared to make more than $25 billion on paper for himself and his companies.
Why it matters: The stunning launch of $TRUMP caught the entire industry off-guard, and speaks to both his personal influence and the ascendancy of cryptocurrency in his administration.
- It also speaks to the nature of the crypto industry that someone could have $25 billion worth of something that literally did not exist 24 hours previously.
I don’t deny the possibility, but that sounds like a lot of foresight which I’m not ready to attribute to Trump or his team. Additionally I don’t think they care about “the people”. The voters served their purpose. They are meaningless to them now. They will continue to produce anger and outrage, and will extract as much money as possible while it’s still possible.
I think it’s a simple money grab. Just not a $25 billion one.