Donald Trump's cryptocurrency surges to become one of the world's most valuable
Trump family's new crypto token surged in just two days to become one of the most valuable forms of digital currency in the world, creating the potential for a multibillion-dollar payout to the family but also generating a storm of questions about the conflicts of interest the new venture creates.
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President-elect Donald Trump announced the launch of the new token, $Trump, on Friday night as hundreds gathered for a crypto-inspired inauguration ball not far from the White House.
The venture won praise by some as a sign of how digital currencies are now going mainstream in the United States.
But economists and even some longtime crypto investors said the new digital coin, known as a memecoin, might also emerge as a landmark moment in the speculative history of crypto trading and the potential dangers it poses to the financial system. Memecoins are a type of cryptocurrency tied to an online joke or a celebrity mascot.
«If people want to gamble, I don't really care,» said Lee Reiners, a former Federal Reserve economist who is now a lecturer for a center studying global economic markets at Duke University. «What I care about is when this crypto bubble bursts — and it will burst — it will end up impacting people across the economy even if they don't have direct investment in crypto. And this new coin is making it worse.»
Artificial
