Donald Trump's inauguration was a historic event, but what's even more interesting is what happened just before it - he launched a cryptocurrency. On January 19, 2017, Trump launched the cryptocurrency, which was a bold move for a new president.
The cryptocurrency was reportedly created by a group of developers who had been working on it for months. It was designed to be a decentralized currency, meaning that it wasn't controlled by any single entity, including the government.
This move by Trump was seen as a way to promote innovation and entrepreneurship in the US. It was also a way to show his support for the tech industry, which had been growing rapidly in recent years.
The cryptocurrency was launched with a lot of fanfare, with Trump tweeting about it just hours before his inauguration.
Trump's Cryptocurrency Launch
Trump launched his own cryptocurrency ahead of his inauguration, describing it as a celebration of his ideals rather than an investment.
The value of his cryptocurrency skyrocketed, with one trader getting a windfall of $20 million within the first hour of the unveiling.
Trump's wife, Melania, also launched her own cryptocurrency, but it failed to see the same kind of initial success as her husband's coin.
Critics have warned of risks tied to political endorsements inflating speculative assets, and accused Trump of cashing in on the presidency.
Trump's comments about not knowing much about the coin back up my opinion that he is making a mockery of the industry.
The value of Trump's cryptocurrency shot up to $75 within a day, but since has fallen to $39.
One trader bought close to 6 million $TRUMP coins for around $1.1 million using USDC, and just 90 seconds later, the investment was worth $23 million.
Trump owning 80 percent of the available coins and timing the launch hours before inauguration is predatory and many will likely get hurt by it.
The cryptocurrency market's response to Trump's launch was massive, with one trader getting a windfall of $20 million within the first hour of the unveiling.
The price of the $TRUMP coin reportedly kept on climbing after the announcement, from $0.18 to a high of $3.70, with $TRUMP currently standing at $7.10.
Readers also liked: Chinese Government Responds to Donald Trump's Proposal for Tiktok Ownership
Featured Images: pexels.com
