Libby Cantrill, head of U.S. public policy at Pimco, told Barron's Roundtable that she expects President-elect Trump to accomplish this on his first day in office.
President-elect Trump surprised the $3.5 trillion cryptocurrency industry on Friday night by announcing the launch of his own crypto token called $Trump Coin.
This launch is on track to be one of the most successful in history. In less than 24 hours, the $Trump coin rose from just a few cents to nearly $30, a staggering 12,000% increase.
Currently, the market capitalization is close to $6 billion, and the trading volume is in the billions of dollars. It also currently ranks among the top 30 largest cryptocurrencies in the world by market capitalization.
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The announcement came days before Trump's inauguration as president on Monday. President Trump personally announced the release of the coin through his own message. society of truth The X and X accounts were announced Friday at 9:45pm ET as industry heavyweights celebrated his return at the inaugural Crypto Ball in Washington, DC.
President Trump has promised to be the most crypto-friendly president in history, vowing to roll back the Biden administration's so-called regulations with a forceful crackdown on key industry players.
Attendees at the ball included CEOs of various crypto platforms, politicians, several members of President Trump's new Cabinet, and his son Donald Trump Jr.
President-elect Trump rings the opening bell on the trading floor of the New York Stock Exchange on December 12, 2024 in New York City. (Spencer Pratt/Getty Images/Getty Images)
When the news broke, some attendees wondered if the president-elect's account had been hacked. Donald Trump Jr., presumably aware of the announcement, was locked away in the VIP section. It's unclear whether he has discussed Trumpcoin with anyone locally.
“My new official Trump meme is here! It's time to celebrate everything we stand for: Victory! Join my special Trump community.” The post said: Add a link to your website where visitors can purchase tokens using a debit card or cryptocurrency.
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Trump has not commented on the coin since its initial announcement. His son, Eric Trump, posted on X on Saturday afternoon that the coin was “the hottest digital meme on the planet.” The president-elect's X account reposted his son's comments.
Two spokespeople for Trump's transition team did not respond to requests for comment.
The coin, which appears under the trading ticker TRUMP, is known as a “meme coin,” meaning it has no inherent utility and can be created based on jokes or parodies, such as the image meme PEPE. A very speculative type of cryptocurrency. A frog cartoon with a market capitalization of over 7 billion dollars.
Sophisticated investors are often wary of meme coins. This is not only because of their wild price fluctuations, but also because they tend to be associated with scammers looking to make a quick buck from overzealous investors. Last month, social media influencer Hayley Welch, better known as “Hawk Tua Girl,” said the price of her meme coin, Hawkcoin, plummeted within hours of its introduction, costing hundreds of thousands of dollars. The company was sued by an investor when it caused a loss of $1 million.
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According to the coin's website, Trump Organization affiliates CIC Digital LLC and Fight Fight Fight LLC together own 80% of the coins in circulation, meaning that as the price of the token increases, owners will make a huge profit. The website does not say who will receive the profits.
But the fact that President Trump is making money from retail investors could raise red flags for regulators and senators like Elizabeth Warren, who has been a vocal critic of the cryptocurrency industry.
President Trump speaks at the Bitcoin 2024 conference in Nashville on July 27, 2024. (Brett Carlsen/Bloomberg via Getty Images/Getty Images)
Last summer, another meme coin rumored to be associated with the president-elect, DJT, was introduced to the Solana blockchain. The coin was created by convicted fraudster “pharma bro” Martin Shkreli, not Trump or his son Barron as Shkreli claimed.
President Trump's announcement has received mixed reviews so far. Some of his loyal fans in the cryptocurrency community have praised the move, which will promote the Solana blockchain and attract new users who want to own a piece of the first crypto-friendly presidential token to crypto. It is said that there is a high possibility of inviting people into the space.
Some have publicly criticized this, calling it an unfair cash grab as President Trump courted the cryptocurrency industry by promising deregulation, and has already received millions of dollars from the industry during his election campaign. Some even call it that.
However, major exchanges such as Kraken are already allowing tokens to be traded on their platforms. It is unclear whether Coinbase, the country's largest cryptocurrency exchange, will follow suit.
Meanwhile, Trumpcoin investors have already made huge profits due to the rapid price increase. According to financial newsletter Kobeissi Letter, one trader made $1.1 million from an initial investment of $150,000, while another turned $800 into $310,000.
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“Whether you agree with this move or not, the fact of the matter is that the leaders of the free world are essentially just giving their thumbs up to Solana and meme culture,” said Cryptocurrency Publications Special Project. Director Frank Chaparro said. block.
Perhaps coincidentally, President Trump chose to introduce meme coins on the last day of SEC Chairman Gary Gensler's term.
Gensler, who led the crackdown on digital assets, will be replaced by attorney Paul Atkins, whom President Trump nominated to be more crypto-friendly.
