Lately, I’ve been deep into the Trump-crypto situation — and honestly, it’s wild.
So earlier this year, Trump’s memecoin called $TRUMP launched and absolutely exploded. It got listed on 8 of the top 10 exchanges in just two days (normally takes months). Hype was through the roof. But here’s the catch: nearly 80% of the tokens were in the hands of Trump and his close circle. Not surprisingly, it pumped hard and then dumped, leaving a ton of retail investors wrecked. Over 700,000 wallets lost around $4.3 billion, while insiders walked away with huge profits. Total meme move.
But it doesn’t stop there — Trump just signed the GENIUS Act into law. It’s the first major crypto legislation in the U.S. focused on stablecoins. It forces stablecoin issuers to fully back their coins with cash or Treasuries, report reserves monthly, and protect customers if things go sideways. It also finally clears up the mess between federal and state rules.
Trump’s also been out there hyping Bitcoin. Just the other day he praised a 2018 Senate testimony explaining Bitcoin — called it the “GOAT explanation.” Meanwhile, people like Peter Schiff are losing their minds, saying Trump is helping crypto destroy the dollar and calling Bitcoin a “decentralized Ponzi.”
Bottom line? Trump is now fully embracing crypto, memecoins and all — and Washington is moving fast to catch up. Whether you love or hate him, he’s putting crypto in the political spotlight like never before.