It’s been quite a while since I checked-in on bitcoin. Back in March of 2024 it had a value of $68,507/coin. Today?
A respectable jump for 10 or 11 months – and that’s why it’s disqualified as a candidate to be a currency. Currency values shouldn’t jump – and fall – like that. See the thread for explanations.
But the big news of late was just-now-President Trump has his own cryptocurrency, called $TRUMP, which may cause illness in those aware that President Trump allegedly grew up in a prosperity theology church. Maybe he figures inadvertent chanting of “$TRUMP” will bring him more money?
And just how much money? Axios presents a quick analysis:
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 more than $50 billion worth of something that literally did not exist 48 hours previously.
- Combined with the value of his social media business and his real estate holdings, it nominally makes Trump one of the world’s 25 wealthiest people.
It feels like the world’s biggest con, doesn’t it? And cryptocurrency enables it.
Some cryptocurrency advocates may be aware of it. Here’s Professor Richardson, quoting an anonymous source with no link:
CNN noted that the release of the meme coin had raised “serious ethics concerns,” but those who participate in the industry were less gentle. One wrote: “Trump’s sh*tcoin release has caused possibly the greatest overnight loss of credibility in presidential history. He made $60B. Great for Trump family, terrible for this country and hopes we had for the Trump presidency.”
Not so incidentally, that person, whoever they are, sounds rather like me last October in this post concerning the market cap of DJT, President Trump social media company. Minus the naivete.
Speaking of, did DJT benefit from $TRUMP’s release? Here’s a 1 month chart of DJT’s stock price:
Emphatically not, at least so far. But the Presidency is young and Mr Mendacity has yet to be deposed, by VP Vance or prosecutor Jack Smith, so …
