Trump's Digital Currency Launch: Will It Boost Value or Just generate Social Media Buzz?
In the ever-evolving world of cryptocurrency, a new player has entered the scene, causing quite a stir. Trump's Crypto Coin, a digital asset launched by the Trump organisation, has been met with confusion, criticism, and scepticism from various quarters.
Jason Jisa, a vendor at the USA Trump Store, owns bitcoin but has expressed bafflement about the purpose of Trump's Crypto Coin. He is not invested in the digital asset, mirroring the sentiments of many others who question its fundamental utility.
The political landscape is no less critical. Democrats, including Senators Richard Blumenthal, Jeff Merkley, and Elizabeth Warren, have launched inquiries and proposed the "end crypto corruption" bill. This bill aims to ban practices like those associated with Trump's Crypto Coin. The bill, endorsed by 22 Democrats, seeks to curb the perceived legal corruption and potential roadmap for corruption that Trump's Crypto Coin represents.
Critics have been quick to label the digital asset as "legal corruption," with Seth for Privacy, VP of Cake Wallet, predicting that novice investors could potentially lose money due to Trump's Crypto Coin, potentially hurting the industry's reputation. Audrey Geiger, a Bitcoin Investor, views the digital asset as a form of gambling, and Ryan Nichols, another Bitcoin Investor, compares it to other meme coins, expecting it to drop after a few months.
However, Trump's push for crypto-friendly legislation, including the Senate's passage of the GENIUS Act stablecoin bill on June 17, 2025, could indirectly benefit Trump's Crypto Coin. The future of the digital asset is uncertain, with potential for a rebound toward $12.50 according to CoinDCX, but also expectations of a drop due to its lack of fundamental utility and concentrated ownership.
Edan Yago, Co-founder of BitcoinOS, compares Trump's Crypto Coin to brothels in the gold rush, indicating a lack of positive use of technology. Meanwhile, Keith Ammon, NH State Rep, believes that Trump's Crypto Coin should not be part of the state's crypto reserve, likening it to a casino chip with no long-term value.
As the debate surrounding Trump's Crypto Coin continues, one thing is clear: the digital asset has sparked a conversation about the need for regulation in the cryptocurrency space, and the potential dangers of unchecked practices.
