Trump's Madness

Since Donald Trump entered office as President of the United States of America, he has made significant waves in the realm of cryptocurrency by expressing strong support for its potential to revolutionize financial systems. During his election campaign, he made a bold statement asserting that America would emerge as the leading cryptocurrency nation, positioning the country at the forefront of what he views as a transformative technological movement. This declaration was not merely a campaign slogan; it reflected his broader vision of integrating digital currencies into the American economy and potentially reshaping global financial dynamics.

However, his enthusiastic endorsement of cryptocurrency has not come without controversy. Trump has faced scrutiny regarding his involvement in the cryptocurrency space, particularly with the announcement of a new venture related to cryptocurrency. His initiative, described as a ‘Roadmap for corruption’: Trump's dive into cryptocurrency raises ethics alarm, and has sparked a significant debate about the ethical implications of a sitting president engaging in the promotion and commercialization of digital currencies. Critics argue that such actions could blur the lines between public service and private gain, raising serious questions about potential conflicts of interest and the integrity of his office.

This reminds me of a copycat manauver by El Savador's own president in 2021:

"El Salvador Abandons Bitcoin as Legal Tender After Failed Experiment. Bitcoin was never used by most Salvadorans, its modern city was never built, and now it will cease to be legal tender in El Salvador, the first country in the world to adopt it in 2021: a complete failed economic bet by President Nayib Bukele." Feb 2, 2025

Moreover, the president’s promotion of the $Trump memecoin has ignited a firestorm of criticism across various sectors, with many voices in the financial and political arenas expressing concern over the implications of his actions. The memecoin, which is a type of cryptocurrency that often derives its value from social media hype and celebrity endorsements, has been viewed by some as a vehicle for potential influence buying. This has led to fears that Trump's involvement in the cryptocurrency market could create a platform for unethical practices, where political power is leveraged to manipulate market dynamics for personal or partisan gain.

In summary, while Trump's foray into cryptocurrency might be seen by some as a forward-thinking approach to embracing new technologies, it also raises critical ethical questions that warrant thorough examination. The balance between innovation and integrity remains a precarious one, and as the cryptocurrency landscape continues to evolve, so too will the discussions surrounding the responsibilities of public figures in this burgeoning field.

Donald Trump's push to sharply ease oversight of the cryptocurrency industry, while he and his sons have fast expanded crypto ventures that have reaped billions of dollars from investors including foreign ones, is raising alarm about ethical and legal issues.

Watchdog groups, congressional Democrats and some Republicans have levelled a firestorm of criticism at Trump for hawking his own meme coin, $Trump, a novelty crypto token with no inherent value, by personally hosting a 22 May dinner at his Virginia golf club for the 220 largest buyers of $Trump and a private “reception” for the 25 biggest buyers.

To attend the two events, the $Trump buyers spent about $148m, which will benefit Trump and partners, according to the crypto firm Inca Digital.

Further, the Trump family crypto venture World Liberty Financial that launched last fall, which his two oldest sons have promoted hard, was tapped this month to play a key part in a $2bn investment deal by an Abu Dhabi financial fund in the crypto exchange Binance, which in 2023 pleaded guilty to US money laundering and other violations.

Eric Trump, the executive vice-president of the Trump Organization (right) speaks with the co-founder of World Liberty Financial, Zach Witkoff, (centre) and founder of Tron, Justin Sun, during a crypto event in Dubai on 1 May. Photograph: Altaf Qadri/AP

The new WLF deal was announced at an Abu Dhabi crypto conference that drew Eric Trump two weeks before Trump’s mid-May visit to the United Arab Emirates capital, sparking other concerns of improper foreign influence and ethics issues.

Trump’s ardent pursuit of crypto fortunes was highlighted in a report last month from the watchdog group State Democracy Defenders Fund that estimated his crypto ventures as of mid-March to be worth about $2.9bn. That is a striking sum since Trump’s crypto ventures are less than a year old.

Senate Democrats led by Jeff Merkley of Oregon and the minority leader, Chuck Schumer of New York, introduced a bill this month that has garnered sizable Democratic backing to block Trump from using his office to benefit his crypto businesses.

Watchdogs say Trump is exploiting his office for personal gain in unprecedented and dangerous ways.

Furthermore, if we take heed of El Salvador's screw up it sort of spells it out in clear English for those who keep up the belief that cryptocurrency is a safe bet to invest heavily into. Alright, dabble, but by no means jump into it blindsighted by fanatics!

Take care!

Prof. Carl Boniface

Vocabulary builder:

Watchdog (n) = a dog that is trained to guard a place: guard dog. 2. a person or organization that makes sure that companies, governments, etc., are not doing anything illegal or wrong.

"Take heed" means to pay careful attention to something, especially a warning or piece of advice, and to consider it seriously. It's an idiom used to encourage someone to be aware of potential dangers or to follow the advice given to them. 

Dabble (v) = 1. immerse (one's hands or feet) partially in water and move them around gently. "They dabbled their feet in the rock pools." 2. take part in an activity in a casual or superficial way. "He dabbled in writing as a young man."