Three days prior to the inauguration, Trump initiated a memecoin that has since surged over 10,000%. He accomplished this after hosting the cryptocurrency sector at a black tie gathering in Washington D.C.
Here’s my hypothesis regarding $TRUMP, which may seem almost devious, but is entirely something Trump is capable of. (Remember that both President Trump and Eric Trump have re-tweeted everything I articulate below…)
Initially, the background: Trump is assuming office after an extremely anti-crypto administration. Trump’s close associates have personally utilized cryptocurrency to amass millions rapidly. Over the past few years, he has introduced several NFT collections through a company named CIC Digital.
The cryptocurrency sector is yearning for transformation. Companies contributed HEAVILY to the Trump campaign. Indeed, the crypto industry donated more funds to political campaigns this year than any other sector in the US. So, it seems fitting that an exclusive crypto celebration may occur.
However, just as this party is in full swing and attended by everyone in Trump’s circle, he unveils the $TRUMP memecoin. It instantly skyrockets to a $15 billion market cap. From sources present, it appears no prior announcement was made. No one was informed about it.
Envision the psychological twist. This occasion was the invitation of all invitations in cryptocurrency. Being present would give you a sense of accomplishment — like you are part of Trump’s inner circle. Only for him to pivot and launch the quickest-ever memecoin to reach $15 billion while you were unaware.
Snoop Dogg was literally in attendance. Trump’s appointed Treasury Secretary. House Speaker Mike Johnson. Vivek. Donald Trump Jr. — and all these executives from the crypto industry, gathered in a room to pay homage. And yet, somehow, they still aren’t even in the loop. (Again, I remind you the President himself re-tweeted the content you are currently consuming.)
The final outcome: The most significant power move you’ve ever witnessed. Trump has now demonstrated to the entire cryptocurrency community what he can achieve without their involvement. All while they congregated in the most exclusive venue — somehow remaining on the outside. It illustrates that the only inner-circle that counts in cryptocurrency now is his inner-circle.
Consider that.
All of this is unfolding as the Trumps are also developing their DeFi initiative World Liberty Financial and receiving funds from foreign investors and cryptocurrency foundations. The platform is currently selecting which cryptocurrencies will succeed and which will fail, and they can advance their advantage as much as they wish and essentially print money.
I’m not asserting that Trump merely exploited everyone in cryptocurrency by hosting a black tie gathering in D.C. while concurrently launching a memecoin without their knowledge, but that’s precisely what he achieved.
This industry now belongs to him, whether they recognize it or not. Frankly, that’s quite disheartening, considering everything cryptocurrency once represented.
The cryptocurrency sector is at a pivotal juncture. I comprehend the urge to make quick profits. I grasp the thrill of short-term thinking. I understand why Trump, a man who has taken advantage of every opportunity to accumulate wealth, would effortlessly dominate the industry. But this isn’t the path to take.
We, as a sector, have labored too diligently for too long. We’ve fought vigorously against the narrative that defines everything in cryptocurrency as a fraud. I express this as someone who purchased $TRUMP and observed $MELANIA launch the following day and questioned: Do we aspire to be the movement we recognize we can become, or do we prefer to be the Hawk Tuah girl?
Bear in mind, this is not intended to be a political commentary — this concerns more about the concept of a President — any President — potentially establishing a considerable conflict of interest as he assumes office. Foreign entities are actively funding all these ventures. What does cryptocurrency aspire to represent? And what ideals do Americans engaged in cryptocurrency wish to uphold?
The decision lies with us, but only if we remain united. If we are divided, we are likely to be plucked off (because who could resist the President when he beckons?) Together, we may have an opportunity. Our community-driven outlet Coinage Media will be monitoring the situation.
I am grateful to everyone who received this message and chose to embrace the rallying cry. Cryptocurrency cannot — and must not — persist down the route of zero-sum games. As a Web3 media DAO, we have decided to embark on a different journey, where individuals can mint an NFT to attain authentic co-ownership in a US-registered cooperative, and earn patronage dividends. We have attracted the co-founder of Netflix and other noteworthy builders to our community.
If you are a genuine builder in this arena, I urge you to step up. The moment has come to showcase the exemplary models this industry takes pride in — and we cannot do it in isolation.
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