A shameful pursuit of money, a deception, a distraction from legitimate work. This is how some of the cryptocurrency loyalists describe the president’s new meme currency, $Trump (TRUMP-OFFICIAL-USD). But to think that Trump’s adventures are parallel to the crypto industry is to misunderstand why many people cling to this company.
Cryptocurrency supporters might believe that Trump makes them look bad. But that is just a shift of blame, a defense mechanism to ignore the most unpleasant parts of a whole, something we saw during the fall of FTX. Which, of course, was supposed to be the start of a rehabilitation of the industry, a process of purifying cryptocurrencies that strips away their worst aspects.
QBut Trump is here to remind us that the raw money machine is not a distraction from the cryptocurrency industry, but a reflection of it. Nature meme IS the industry. That’s the real, tangible part of cryptocurrencies, the ultimate use case.
Serious people trying to put distance between their cryptocurrency work and $Trump’s non-economic purpose cling to the promise of financial innovation and inclusion. That is an illusion. Some might even call it shame. But you are still a few steps behind self-reflection.
Trump and Melania’s token
Trump’s YOLO token is representative of his broader political appeal. Trump does not need to sugarcoat his ambition or pretend to aspire to higher goals. $Trump is not a currency, it is another of his trading cards. It is not designed to elevate the unbanked or liberate workers from the centralized financial system.
As in his political life, Trump’s beliefs and rhetoric are crude and often outrageous, but his followers accept them as honest, uncorrupted, and even principled. Have fun. Make money. FIGHT. There is no romanticized financial idea here. Even Melania now has $Melania (MELANIA-USD).
During his first four years in office, but less likely for the next four, Trump had a way of putting the broader conservative coalition on the defensive. Even his strongest allies sometimes had to squirm to respond to his most uninhibited comments or his most alienating policies.
The world of cryptocurrencies is now becoming part of the Washington establishment. And they are lining up. Why apologize for Trump when you can accept his gifts of attention, permission, and enrichment? Robinhood (HOOD) and Coinbase (COIN) They notified their users earlier this week that $Trump is available for trading.
While the president and first lady’s meme coins were allegedly mocking the respectable cryptocurrency industry, Trump appointed Securities and Exchange Commissioner Mark Uyeda as the agency’s acting head. In one of his first moves, and on Trump’s second day in office, Uyeda launched a cryptocurrency task force dedicated to creating a “sensible regulatory path” without the anti-innovation burden of the Biden years.
That the government’s top financial regulator would not immediately respond to a tokenized and memeified conflict of interest initiated by the person who just promoted them makes sense. After all, Trump’s original post promoting the currency was lighthearted.
And the website behind the Trump coin reminds people that they are purchasing expressions of support and a way to engage with ideas, rather than securing an investment. That hasn’t stopped people from buying and making money. It also won’t stop people from losing.
Source: Ambito
I am Pierce Boyd, a driven and ambitious professional working in the news industry. I have been writing for 24 Hours Worlds for over five years, specializing in sports section coverage. During my tenure at the publication, I have built an impressive portfolio of articles that has earned me a reputation as an experienced journalist and content creator.
