While the move sparked predictable criticism from political opponents, it was also met with mixed reactions in the crypto world, which largely welcomed his return to office and newfound support for the industry.
The digital currency industry has expressed optimism Trump will roll out more crypto-friendly policies, but now some are concerned his recent launch of two meme coin tokens will cast a negative light on his efforts to boost crypto.
“It undermines the seriousness of any liberalization of regulations that Trump undertakes for the crypto space because it makes it look self-interested,” said Nic Carter, a founding partner at crypto investment firm Castle Island Ventures.
“It makes the industry look bad and … kind of takes away some of the impact of what Trump was going to do for the crypto industry,” added Carter, who noted he has been a public supporter of Trump but does not agree with some of his crypto policies.
The White House, nor the companies behind the meme coins, immediately responded to The Hill’s request for comment.
But Trump himself shrugged off concerns raised by his meme coin during Tuesday remarks at the White House.
When a reporter noted he had made several billion dollars from the token, the president dismissed the sum as “peanuts” for the people he’s spent the last few days with.
Meme coins are cryptocurrencies that are usually based on internet trends and start with no inherent value. Their value can surge when there is a high demand, making them a highly volatile asset.
Trump last week launched his first meme coin, $TRUMP, which quickly surged in value and jumped from $10 each to about $70 in the first 48 hours.
Melania Trump announced another meme coin for her, $MELANIA, on Sunday, one day before Trump was sworn into office.
$TRUMP traded at about $39 and $MELANIA traded at around $4 as of Wednesday afternoon.
Read more in a full report at TheHill.com.
