- cross-posted to:
- news@lemmy.world
- cross-posted to:
- news@lemmy.world
Summary
Donald Trump’s cryptocurrency, $Trump, has led to $2 billion in investor losses.
Launched three days before his inauguration, the meme coin initially surged from $0.18 to $75, allowing early traders to profit massively.
However, its value has since plummeted to $17, leaving over 810,000 crypto wallets at a loss.
Meanwhile, Trump and his family have earned over $100 million in trading fees.
A lot of concern I’ve heard is that it’s possible he’s using it as a payment method for bribes/influence. Since they make money on fees, you could literally just trade the coins back and forth to yourself and “give” trump money.
You can also just rent his hotel rooms and leave them empty, like the Saudis. He’s opened so many channels to funnel money to him for favour.