President Donald Trump’s goodwill in the cryptocurrency industry has taken a hit after he and his wife launched meme coins — a move critics say looks like an unseemly cash grab that undermines an effort to legitimize digital assets.

Summary

Donald Trump launched a meme coin during his inauguration celebrations, prompting backlash from the crypto industry.

While Trump has pledged pro-crypto reforms and appointed industry-friendly officials, critics say his meme coin venture undermines efforts to legitimize digital assets, branding it as a “cash grab.”

The coin, initially priced at $70, dropped to $45 after First Lady Melania Trump launched her own meme coin.

Crypto leaders fear the association with meme coins damages the industry’s credibility as a serious financial sector.

The Trump Organization organized the sale of the coins, which are marketed as expressions of support rather than investment opportunities.

  • Corkyskog@sh.itjust.works
    15·
    20 hours ago

    I stopped caring about crypto once I realized that me and like 14 other people were the only ones who seemed to actually care about the technology behind it and it’s possible uses… pretty much everyone else was a speculator.

    The most useless things get value, anything that isn’t about building coin value loses interest. Anything useful inherently isn’t going to shoot up in value (because you know… People are using them and not sitting on them).

    • Honytawk@lemmy.zipEnglish
      61·
      20 hours ago

      Crypto is only used now by people who want to get rich from it. It doesn’t have any intrinsic value.

      And all the supposed possible uses of blockchain are thrown away because of it.