President-elect Donald Trump has launched a new cryptocurrency that has quickly become the second-largest meme coin by market cap, sparking concerns over potential conflicts of interest. The memecoin, which is linked to no underlying business or asset, has seen its value nearly triple in 12 hours, reaching $14.2 billion.
The project’s website notes that the digital asset is highly speculative and functions solely as an expression of support for Trump’s ideals and beliefs. However, experts warn that insiders stand to reap massive benefits from this investment, with holdings unlocking over a three-year period.
Critics argue that Trump’s decision to launch this memecoin raises questions about how he will address conflicts of interest with his business interests during his second term. One prominent Trump supporter, Dave Portnoy, called the launch a “cynical stunt,” while another commentator described it as a potential “grift” scheme.
Trump’s family members are also promoting related cryptocurrency platforms, including World Liberty Financial, in which they have a stake. The president-elect’s involvement has raised eyebrows among investors and observers, who question whether his family can be trusted to manage these assets without compromising their interests.
Source: https://www.thedailybeast.com/historic-grift-trumps-memecoin-creates-billions-out-of-nothing