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TRUMP Cryptocurrency “More Like Gambling Than Investment,” Warns Nigel Green of DeVere
The cryptocurrency market is in turmoil after the launch of Donald Trump’s digital currency TRUMP, which has surged more than 11,000% in value since its launch on Friday. The coin’s market cap reached $66 billion by Sunday afternoon, marking Trump’s bold foray into digital assets and commodity sales ahead of his expected inauguration on Monday.
Truth Social’s TRUMP coin was announced late Friday and is being offered as a memento of Trump’s presidential election victory. The coin, built on the Solana blockchain platform, started with a limited supply of 200 million coins. According to the coin’s official website, the supply is expected to increase to 1 billion coins over the next three years.
TRUMP’s dramatic rise has sparked a lot of controversy, but Nigel Green, CEO of DeVere Group, advises caution. “This is a revival of the ironic crypto trend we saw in 2021 and 2022, where many young and inexperienced investors were left in the lurch due to extreme volatility,” Green said. “No doubt investors will be left in the lunacy as well.”
Green pointed out the speculative nature of cryptocurrencies and warned that their values can fluctuate widely. He explained that while some can make big profits, this type of investment inherently involves high and unpredictable risks. “Let’s be very clear: this is more like gambling than investing,” he said. “If you’re thinking about getting involved, you need to have a sound, diversified, long-term plan in place first.”
The rapid rise of $TRUMP highlights the risks associated with parody cryptocurrencies, which are driven less by fundamentals and more by social media-driven hype. Green likened the phenomenon to gambling, noting that many day traders are likely joining in the hope of profiting from the fear of missing out (FOMO). “They’re not buying because they think the coin has inherent value,” he said. “They’re buying because they hope others will push the price higher, allowing them to sell at a profit.”
Green emphasized that this strategy comes with significant risks, and that cryptocurrency valuations are likely to fluctuate significantly. “Understand the real risks to your money,” he added. “This is not the same as investing in sound assets. Gambling is not the same as investing.”
Despite the hype surrounding $TRUMP, the launch could signal a pro-crypto approach from the incoming Trump administration. There is speculation that Trump’s foray into digital assets is in line with his administration’s potential pro-crypto stance, potentially leading to further adoption and innovation in the sector.
Green remains optimistic about the broader implications for the crypto market, noting that a pro-crypto administration could accelerate adoption of digital currencies and blockchain technology. “This will have long-term benefits for the economy,” he said. “But it’s important to distinguish between speculative cryptocurrencies and legitimate digital assets that provide real value and utility. If you want the thrill or novelty of chasing big gains, make sure it’s part of a diversified strategy and not your master plan.”
As the market responds to this latest development, the rapid rise of $TRUMP underscores the broader debate about the role of cryptocurrencies in the current financial landscape. “A Trump presidency is expected to usher in an era of pro-crypto policies, and while this could pave the way for legitimate growth for established assets like Bitcoin, it also raises questions about the risks of speculative trading driven by social media hype,” Green concluded.
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