The Bit coin $TRUMP launched by US President Trump, after he publicly stated that he "does not understand the details very well", the price plummeted, causing market concerns about his conflict of interest and national security risks, and drawing criticism from many people.
Table of Contents
ToggleTrump's Longing $TRUMP: I don't understand very well
In the latest video from Forbes, it reveals Trump's response and stance on the MEME Token "$TRUMP" at a impromptu press conference.
When asked whether he will continue to sell products like the cryptocurrency $TRUMP that allow him to profit, he replied:
I don't know if it's profitable, and I don't know where it is, I don't know much about it, I just know I issued it and I heard the results were very good.
When the reporter then revealed that $TRUMP has already earned Trump billions of dollars, he jokingly said:
Billions of dollars? For these people, that's just pocket change.
He gestured towards OpenAI CEO Sam Altman, Oracle Chairman Larry Ellison, and SoftBank founder Masayoshi Son behind him as he said this.
Reportedly, the press conference was to announce a $500 billion AI investment plan, and Trump's casual dismissal of the $TRUMP Token raised market doubts about his level of support.
TRUMP and MELANIA both plummet
After these remarks, market confidence was directly impacted, with the prices of TRUMP and First Lady MELANIA Tokens plummeting 24.8% and 34% respectively on the day, still far from their respective highs.
Nevertheless, the price of TRUMP has still risen over 400% since its launch, with a market cap once exceeding $14 billion.
Democratic Congressman: TRUMP brings conflict of interest and national security risks
Meanwhile, Democratic Congressman Maxine Waters accused the TRUMP meme Token of potentially causing conflicts of interest and national security risks in a House Financial Services Committee meeting yesterday:
Trump and his family launching a meme Token just hours before the inauguration could provide a channel for sanctioned entities, hostile governments and other terrorist forces to move funds anonymously.
She also criticized the Republican oversight capabilities, ignoring the importance of scrutinizing the actions of the sitting president, especially the potential issues raised by the TRUMP Token:
The lack of transparency for Token buyers is concerning, as Trump has created a way to circumvent national security and anti-corruption laws through this Token, and could quickly dump it, leaving investors to bear the losses.
TRUMP and MELANIA Tokens are under attack
The launch of the TRUMP and MELANIA meme Tokens has generated huge buzz in the market, but their risks remain highly controversial, especially regarding the potential conflicts of interest as Trump holds the position of President.
Previously, figures such as Messari founder Ryan Selkis and former Coinbase CTO Balaji have expressed condemnation of this matter.
Risk Warning
Investing in cryptocurrencies carries high risks, their prices may fluctuate dramatically, and you may lose your entire principal. Please carefully evaluate the risks.
