Critics: Trump Crypto Exploits Presidency
Last year, Donald Trump's sons, Eric and Donald Jr., also announced their own cryptocurrency company.
In this regard, social media reactions suggest that hype is often used to inflate the value of such digital currencies before they are sold, which later results in losses for investors.
A user with expertise in digital currency, Nick Tomaino, stated in a social media post: “Trump owning an 80% stake in this coin and launching Trump$ just hours before taking office is a calculated move, and many people will suffer losses from it.”
It is worth noting that the value of digital currencies is often artificially increased and then sold at market peaks. However, when prices fall later, investors face significant losses, which erodes trust in digital currencies.
Nonetheless, cryptocurrency investors remain optimistic that the Trump administration will support the growth of this industry.
Regulators under President Biden’s administration took actions against crypto companies over concerns about fraud and money laundering, filing lawsuits against exchange companies.
Previously, Trump appeared hesitant about cryptocurrencies, but during a Bitcoin conference in Nashville last year, he expressed his determination to make the U.S. “the crypto capital of the world” upon his return to office.
Last year, Donald Trump’s sons, Eric and Donald Jr., also announced their own cryptocurrency company.