Donald Trump’s inauguration as the President of the United States marked a significant turning point in his financial status. Just days before taking office, Trump launched his own cryptocurrency, $Trump, which saw a meteoric rise in value from $7 to $52. With a total market value of $120 billion, Trump himself owns 80% of the cryptocurrency through a subsidiary of the Trump Organization, as reported by Bloomberg.
The launch of $Trump sent shockwaves through the cryptocurrency market, propelling Bitcoin to a new record high of $109,000. The implications of Trump’s move were not lost on experts like Nordea’s investment chief Robert Næss, who remarked on the legal and political implications of the President-elect’s foray into the world of digital currency.
“It’s incredible that this is legal. Trump will have the power to shape cryptocurrency policy in the coming days and weeks. By launching this in advance, he is generating excitement and signaling his commitment to the industry,” Næss told Dagens Næringsliv.
However, Næss also expressed concerns about the lack of regulatory oversight in the US, noting the departure of Gary Gensler as head of the Securities and Exchange Commission (SEC) in November. He pointed out that if Trump had made this move two years ago, Gensler and the SEC would have been quick to intervene. But with Gensler out of the picture and a crypto-friendly replacement in place, the landscape has shifted dramatically.
The ripple effects of Trump’s cryptocurrency launch were felt on the Stockholm Stock Exchange, where companies like Safello, K33, and Coinshares saw their stock prices soar to new heights. The renewed interest in crypto assets has investors and analysts alike closely watching the developments in the industry, as Trump’s unconventional approach continues to blur the lines between politics and finance.
As the world braces for a new era of financial innovation and disruption, Trump’s $Trump cryptocurrency stands as a symbol of his unorthodox leadership style and willingness to challenge the status quo. Only time will tell how this bold move will shape the future of both the cryptocurrency market and the global economy.