Back in January I mentioned, and haphazardly analyzed, the Trump memecoin, a species of cryptocurrency:
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 so what’s been happening? WaPo has the analysis from a couple of weeks ago:
At least 67,000 new or small-time crypto investors like Davis have bet on Trump’s meme coin, pouring $15 million into the volatile venture endorsed by Trump and benefiting his personal wealth, a Washington Post analysis found.
But virtually all of them bought near the coin’s peak, just before the inauguration, and 80 percent of them have seen the value of their holdings nosedive, The Post’s analysis shows. One buyer who spent $10,000 has already lost, on paper, more than $8,000.
The President and his team?
The losses point to the risks for Trump supporters and crypto speculators eager to bet on the loosely regulated venture of the self-described “first crypto president.” But they also draw a stark contrast with the president’s team, which has made millions in trading fees from transactions for the meme coin, even when its value goes down.
Welcome to the con, folks. People with money to the right, people without will please leave through the door with the attached automated boot.
