During a gala dinner sponsored by US President Donald Trump, leading buyers of the cryptocurrency that carries his name were exposed as “corrupt” by protestors and his Democratic opponents.
Launched just before his January inauguration, $TRUMP had a significant decline in value after first skyrocketing. It’s fundamentally corrupt – a way to buy access to the President,” wrote Chris Murphy, a Democrat in the Senate.
On Thursday night, protesters gathered outside the event, which took place at a golf club near Washington, DC. Some were holding banners that said “stop crypto corruption” and “no kings.
In a social media video of the dinner, Trump states, “I always put the country way ahead of the business.” The White House has denied the charges. Trump is also heard saying, The Biden administration persecuted crypto innovators and we’re bringing them back into the USA where they belong.”
The occurrence happened just as the most popular cryptocurrency, Bitcoin, reached a new record high of about $112,000 (£83,000) per coin in US dollars before significantly declining.
Known as a meme coin, $TRUMP is a kind of cryptocurrency that draws inspiration from popular online phenomena or internet memes. At the time of writing, it was trading at about $12.50. Its price peaked in January at $75 and then fell to less than $8 in April.
The usefulness of this is not immediately apparent. Payments are not made using it. Rob Hadick, general partner of the cryptocurrency venture fund Dragonfly, stated that it isn’t being utilised as a store of value.
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