Source: Feng Lunfeng Ma Niu

At 12:00 noon on January 20th, Eastern Time, Trump completed the oath of office and officially took office as the 47th President of the United States. Although this is the actual inauguration, the Trump family's carnival began days earlier.

At 10 a.m. on January 18, Trump announced the issuance of the virtual currency "TRUMP" on social media. Within 30 minutes of the opening, the market value of the TRUMP token had exceeded US$800 million.

On the evening of January 18, Trump and his family watched a grand fireworks show, which was one of the four-day inauguration celebrations. According to US media reports, in the name of the inauguration, the Trump team has raised more than US$170 million, and by the end of the ceremony, it is expected to exceed US$200 million.

It is worth mentioning that five of the world’s top ten richest people attended Trump’s inauguration, including Musk, Bezos, Zuckerberg, Pichai (Google CEO) ), Bernard Arnault (President of LVMH), Cook (Apple CEO) and Ambani (India’s richest man) were also present.

The US "Capitol Hill" reported that at the ceremony, technology giants, billionaires and their spouses sat in the front row, but some US governors and politicians were relegated to the back row or even branch rooms.

The Trump 2.0 era has begun, and the characteristics of grasping power and wealth can already be seen from the issuance of TRUMP coins and the inauguration ceremony. Today I would like to share with you what special significance Trump has for issuing “air coins” in addition to making money.

Source: Ifeng.com

On January 18, cryptocurrency executives and enthusiasts wearing tuxedos and floor-length dresses poured into Washington. Andrew Mellon Auditorium, preparing to celebrate the inauguration of Donald Trump, a leader who promises to be the most crypto-friendly president in U.S. history.

“The reign of terror against cryptocurrencies is over,” shouts David Sachs, the venture capital executive appointed as Trump’s head of cryptocurrencies.

How friendly can the president be to cryptocurrencies? On the same day, Trump posted on his social account announcing the launch of his personal Meme currency TRUMP. Users need to visit the website with the domain name "gettrumpmemes" to obtain the Meme token. The website shows that TRUMP is the only "official Trump token" Meme Coin".

TRUMP currency has undoubtedly brought huge economic benefits to Trump. Data from CoinGecko shows that the TRUMP coin began trading at an opening price of $0.1824. As of 3 pm Beijing time on January 21, the token price has exceeded $30, with a market value of more than $7 billion.

The president’s decision to “issue coins” immediately attracted criticism. One of the main issues in the dispute is that the "GetTrumpMemes.com" website shows that 80% of the supply of the token belongs to Fight Fight Fightand owned by CIC Digital, an affiliate of the Trump Organization. On paper, Trump-related entities could reap a billion-dollar windfall.

Analysts believe that Trump’s move blurs the boundaries between his role and business interests, and its essence is to use the president’s international influence to make profits. However, looking at Trump's actions such as "making the United States the cryptocurrency capital of the earth", his intentions are far more than that. Cryptocurrency may be given the mission of defending the hegemony of the US dollar.

1. The president "issued coins" and brought hundreds of millions of goods

"It's time to celebrate our victory! Join my 'Trump Community'. Get it Get your TRUMP tokens at gettrumpmemes.com and have fun!”

On the eve of returning to the White House, Trump seemed to set off the cryptocurrency market with a post. fanaticism.

"It's just crazy," said Jordan Liebowitz, vice president of communications for the Washington-based nonprofit Citizens for Responsibility and Ethics. “For decades, we’ve seen presidents-elect take the time to distance themselves from their finances before the inauguration to show they have no conflicts of interest, and now we’re seeing another president-elect take the time to distance themselves from their finances before the inauguration. weekend, launching new businesses and pledging to deregulate these industries … He did this simply to blatantly exploit his presidency for huge profits.”

The TRUMP coin was issued on the Solana chain to commemorate Trump’s shooting on July 13, 2024. Hou Yusheng raised his fists high and shouted his iconic battle cry. The image of "FIGHT FIGHT FIGHT". The total supply of TRUMP coins is 1 billion, but only 200 million will be circulated initially, and the remaining 800 million will be gradually unlocked over the next three years.

The official website of the token states that GetTrumpMemes is intended to express support and participation in the ideals and beliefs embodied in the "TRUMP" symbol and its related artwork, and is not intended to be an investment opportunity, investment contract or any type of Securities theme.

GetTrumpMemes is not affiliated with, any campaign or any office or institution.

After Trump’s “One Post Trillion” hype, the introduction on the official website now seems very ironic.

The token would create a major conflict of interest for the newly elected president, and foreign countries or companies seeking to influence Washington may be inclined to purchase the token to please Trump.

After the TRUMP coin was issued, Trump’s eldest son Eric Trump posted a post on the His remarks intensified the moral concerns caused by the president's "coin issue".

Coinbase executive Nick Tomaino said on social media: "Trump owns 80% of the share and isLaunched on the eve of the inauguration, this is predatory behavior and many people may be harmed by it. ”

Hedge fund manager Jim Chanos also commented: “The next four years will be the ‘golden age of fraud.’”

2. Part of “Make America Great Again”

TRUMP coin is not Trump’s first foray into the cryptocurrency field. Last year, after Trump won the election, he launched a so-called decentralized finance project called "World Free Finance" with his sons Donald Trump Jr. and Eric Trump.

Trump has spent the past year courting the funds and votes of cryptocurrency investors. According to Politico magazine, cryptocurrency companies spent $10 million on Trump’s inauguration alone.

In return, Trump is about to sign a number of executive orders to support the encryption industry after taking office, including establishing a Bitcoin reserve, ending "debanking", and nominating a number of "pro-cryptocurrency" officials. Key positions. According to Bloomberg’s earlier disclosure, the executive order may be issued as early as the day of the presidential inauguration, and Trump will give industry players a say in it. This speculation has become a reality.

After the inauguration ceremony on January 20, the White House announced that it had appointed Republican member Mark Uyeda as acting chairman of the U.S. Securities and Exchange Commission (SEC). Uno is very popular among cryptocurrency companies. In an interview with Fox Business Channel, he disagreed with the SEC’s previous strict supervision of cryptocurrency. He believed that the SEC failed to provide clear rules for cryptocurrency companies, resulting in many companies facing Unnecessary legal risks, this approach has had a negative impact on the development of the industry.

After careful observation, it is not difficult to find that this move is part of Trump's "Make America Great Again" narrative.

It is worth noting that Trump was still a skeptic of cryptocurrency during his first term, but during the 2.0 period, he transformed into an active advocate of "making the United States the cryptocurrency capital of the earth."

During this year’s campaign, Trump made it clear many times that he wanted to establish an “America First” cryptocurrency strategic reserve. His supporter, Senator Cynthia Loomis, submitted a strategic reserve bill that would replace gold with cryptocurrencies, and frantically called for the United States to use cryptocurrencies to repay its huge debt in the future.

One of the main reasons for the rapid change in stance is that Trump needs an alternative to maintain the hegemony of the dollar.

SWIFT (Society for Worldwide Interbank Financial Telecommunication) data shows that as of November 2024, the US dollar's share of the global payment market has dropped to 47.68%, which is less than 50%. The hegemony of the dollar is in decline, and cryptocurrencies have been given a special mission.

In Trump’s 2.0 period, in order to escape the fate of resigning due to stagflation, he hopes to improve fiscal efficiency and total factor productivity through AI. However, if AI fails to achieve the expected results, the monetization of the deficit will accelerate." Go to Americathe process of diversification. Over the past two years, gold has become a favorite among investors as a beneficiary of de-dollarization.

But the United States cannot tolerate the dollar’s ​​monetary hegemony being shaken, so Trump needs an alternative to maintain the dollar’s ​​status. This alternative must be one that the United States can control and influence. Cryptocurrencies represented by Bitcoin have an opportunity.

The essence of currency is credit. Trump’s move is not only a businessman’s instinct to make profits, but also injects credit into cryptocurrency.

3. A new type of donation from American chaebols?

Tian Xiaowan, senior co-partner of Beijing Deheheng Law Firm who focuses on cryptocurrency, said that the TRUMP coin issued by Trump is a Meme coin (meme coin), which is actually to celebrate his victory in the election. As for the future direction of the community established by the community, the release notes of Meme Coin did not give a clear direction.

In Tian Xiaowan’s view, this currency is a community currency and a type of air currency. The Dogecoin that Musk has touted many times before is also an air currency. This kind of currency itself has no value, the operation is relatively simple, the technical threshold is low, and anyone can issue it, but social traffic plays an important role in the issuance of air coins. Because of Trump’s identity and appeal on social media, many people bought it, which resulted in a price.

What is worth noting is that unlike celebrity entrepreneur endorsements, this time he is the first president in the world to issue virtual currency and support it in a high-profile manner, and Trump has therefore become the "cryptocurrency president." While this has opened up a new world of cryptocurrency, it has also raised concerns among some people, questioning whether the president is using his position to make money.

On January 19, after Trump’s wife Melania announced the issuance of the “MELANIA” token, the market’s doubts became even stronger.

In Tian Xiaowan’s view, Trump’s issuance of new coins is not only a positive promotion for the cryptocurrency industry, but also In order to win the president's continued support for cryptocurrency, people in the industry are likely to hype up the price of TRUMP tokens to achieve a win-win situation, which brings great speculation risks. Some speculators use hype to drive up value and then sell at the top of the market, reaping the rewards of latecomers.

"This has gone beyond the traditional donation and mutual help between American plutocrats and leaders."

Tian Xiaowan said that the U.S. Constitution has many presidential powers. Limitation, but wanting to restrain the president from using his influence to manipulate the price of cryptocurrency in the web3.0 world is a new topic.