Inside Trump’s Crypto Cash Machine
It all began with a meme coin.
On January 17, three days before Donald Trump was sworn in for his second term as president, two entities he and his family controlled issued a meme coin called $TRUMP.
There are various kinds of cryptocurrencies, but a meme coin is like a collectible, its price driven primarily by hype and speculation. If you didn’t know anything about the crypto industry, you could be forgiven for thinking that the $TRUMP token (as a crypto unit is often called) was no bigger deal than the Trump “Never Surrender” sneakers, which sold for $140, or the Trump Bible ($99.99), or the dozens of other products Trump hawked on his way to the White House. Sure, they made him money, but it was basically petty cash.
$TRUMP,…
