$BTC
Chinese Company's $300M TRUMPcoin Investment Raises Eyebrows
In a stunning development, GD Culture Group – a struggling Nasdaq-listed company with ties to China – announced plans to purchase $300 million worth of Bitcoin and TRUMPcoin. The company, which has only eight employees and reported zero revenue last year, secured funding from an unnamed entity in the British Virgin Islands, a popular tax haven.
This investment has created clear ethical conflicts as it directly enriches the Trump family while the president simultaneously negotiates with China over tariffs and determines whether TikTok can continue operating in the United States. The New York Times
"Make no mistake. These foreign entities and governments obviously want to curry favor with the president," said former Representative Charles Dent, a Pennsylvania Republican who chaired the House Ethics Committee. "This is completely out of bounds and raises all sorts of ethical, legal and constitutional issues that must be addressed." The New York Times
US-China Tariff War Impacts Global Crypto Markets
The announcement comes amid a temporary pause in the escalating US-China tariff war. As of May 14, the two countries have agreed to slash steep tariffs for 90 days, with the US reducing its tariff rate on Chinese goods from 145% to 30%, while China cuts its rate from 125% to 10%. Reuters
This trade tension has significantly impacted cryptocurrency markets, particularly Bitcoin mining operations. The truce may provide temporary relief, but underlying issues remain unresolved, creating uncertainty for crypto investors and miners alike.
