Bloomberg: Trump's Actions Harm Crypto Industry
According to Bloomberg, Donald Trump and his wife Melania’s meme coins are weakening the United States' credibility in global markets. Read the full article at RT.com.
TroibNews 
Executives in the cryptocurrency industry have criticized President-elect Donald Trump and his wife Melania for their recent launch of meme coins over the weekend, which have shown significant volatility, according to a Bloomberg report on Monday. These leaders are concerned that the new tokens could damage global confidence in the digital asset market.
On Friday, just days prior to his inauguration, Trump introduced the $TRUMP coin. The price surged from $10 to $72 within a few hours before settling at $64. Shortly thereafter, Melania Trump launched a different meme coin called $MELANIA, which quickly gained in value. However, the rise of $MELANIA coincided with a decline in $TRUMP's price, which fell from over $75 into the low $40s.
This activity has raised concerns among seasoned crypto investors. Rob Hadick, a general partner at Dragonfly Capital venture firm, remarked, “The launches are now clearly a blight that we will have to work to put behind us as builders.” Gabor Gurbacs, who serves as the director of digital-asset strategy at investment provider VanEck, noted, “The memecoins cost the US, the presidency and his family a lot of credibility,” and urged Trump to “fire his crypto advisors, from top to bottom and replace [them] with people who know what they are doing.”
Meme coins like $TRUMP, $MELANIA, and DOGE are recognized for their extreme price fluctuations and lack of intrinsic value, making them speculative investments. Unlike stablecoins, which are tied to stable assets like the US dollar, meme coins typically depend on social media buzz to drive their value.
While Trump has previously characterized cryptocurrency as a “scam,” he has since shifted his position, declaring his intention to establish the US as the “crypto capital of the planet” last year. Despite facing criticism for what many perceive as a trivial approach to cryptocurrency, there is currently no law in the US that prevents a sitting or incoming president from releasing their own digital assets.
Rohan Mehta contributed to this report for TROIB News
On Friday, just days prior to his inauguration, Trump introduced the $TRUMP coin. The price surged from $10 to $72 within a few hours before settling at $64. Shortly thereafter, Melania Trump launched a different meme coin called $MELANIA, which quickly gained in value. However, the rise of $MELANIA coincided with a decline in $TRUMP's price, which fell from over $75 into the low $40s.
This activity has raised concerns among seasoned crypto investors. Rob Hadick, a general partner at Dragonfly Capital venture firm, remarked, “The launches are now clearly a blight that we will have to work to put behind us as builders.” Gabor Gurbacs, who serves as the director of digital-asset strategy at investment provider VanEck, noted, “The memecoins cost the US, the presidency and his family a lot of credibility,” and urged Trump to “fire his crypto advisors, from top to bottom and replace [them] with people who know what they are doing.”
Meme coins like $TRUMP, $MELANIA, and DOGE are recognized for their extreme price fluctuations and lack of intrinsic value, making them speculative investments. Unlike stablecoins, which are tied to stable assets like the US dollar, meme coins typically depend on social media buzz to drive their value.
While Trump has previously characterized cryptocurrency as a “scam,” he has since shifted his position, declaring his intention to establish the US as the “crypto capital of the planet” last year. Despite facing criticism for what many perceive as a trivial approach to cryptocurrency, there is currently no law in the US that prevents a sitting or incoming president from releasing their own digital assets.
Rohan Mehta contributed to this report for TROIB News
