David McBee
The value of Donald Trump’s cryptocurrency has surged following the US president’s announcement of two exclusive events for its leading investors. The $Trump meme coin’s website indicates that its 220 largest holders will receive invitations to a private gala dinner with the president on May 22, branding it as the ‘most EXCLUSIVE INVITATION in the world.’
According to the crypto trading platform Coinbase, the value of $Trump increased by over 70% after this announcement, although it still remains significantly lower than its peak of over $74 (£42.40) achieved shortly after its launch in January.
This digital currency is among several crypto initiatives associated with Trump, who has referred to himself as the ‘crypto president.’ In addition to the gala dinner at the Trump National Golf Club in Washington DC, there will also be ‘an ultra-exclusive private VIP reception with the President’ for the top 25 coin holders, as stated on the coin’s website.
Currently, the total value of Trump tokens in circulation is approximately $2.5 billion, having been released just days before his inauguration on January 20. This initiative has faced criticism from various individuals within the crypto sector, with some labeling it as ‘a stunt.’ First Lady Melania Trump also introduced a cryptocurrency on the eve of the inauguration. Meme coins are frequently utilized by speculators for profit or to express support for a celebrity or a moment in internet culture.
Shortly after returning to the White House this year, Trump signed an executive order to establish a presidential working group aimed at proposing new laws and regulations for cryptocurrency. He has also signed an order to create a Strategic Bitcoin Reserve and a Digital Asset Stockpile, which will encompass other digital currencies. These reserves will be filled with coins forfeited to the federal government through criminal or civil proceedings. This week, Trump’s media company revealed plans to launch exchange-traded funds (ETFs).
Trump Media & Technology Group, the proprietor of the Truth Social platform, along with its partners, is set to introduce financial products that will encompass digital assets and stocks, emphasizing a ‘Made in America’ approach. Exchange-Traded Funds (ETFs) are investment vehicles that consist of a variety of assets and can be traded similarly to individual shares.
