Trump finds a new way for foreign governments to pay him off: Crypto
Trump’s crypto coin is little more than a whizbang Ponzi scheme.
By Catherine Rampell, Washington Post
The era of the Shakedown Economy has officially begun — and it started with something called a presidential “sh–coin.”
No, I am not making this up.
Two days before his inauguration, Donald Trump abruptly launched a new cryptocurrency, traded as “$TRUMP.” For those unfamiliar, this kind of crypto token or “memecoin” is released and traded on public markets, sort of like a stock. Unlike stocks, however, memecoins have no cash flow, no fundamental value. There’s no claim to a business’s future profits, nor even the pretense of a business model. There’s no clear use case; no one is pretending $TRUMP will be used in real-world transactions to pay for groceries or a haircut, or to send remittances.
