In a development so stunning that one wonders how it is that everyone else seems to be getting rich, if you had invested a mere $100 yesterday in the new “Trump Meme Coin” – Donald Trump’s official cryptocurrency, you would have $57.8 billion right now, or something close (It is actually $13,000). The really hard part is trying to write about it all when you don’t understand a thing about cryptocurrency and all too much about memes. About the only thing of which I am sure is that an actual meme has nothing to do with the currency Trump floated out just three days prior to his inauguration, and given the fact that Trump himself is holding at least half of the remaining “coins” – he has likely at least tripled his net worth overnight. If you see a bit of a problem in a man about to become president putting such huge financial stakes into cryptocurrency, well – hop in because this is insanity. The world is now in two camps – those furious that Trump would do such a thing and those who are already looking for ways to exploit it.

There are stories on X now – and so one can be sure that it’s all totally fact-checked, about people having bought in yesterday and now having millions, in theory, at least. If these things truly are fungible and one can find a buyer, which – they can, it has made a lot of people rich over just a few hours. Literally.

From Forbes magazine:

In a move that perfectly encapsulates the peculiarities of our times, Donald Trump launched a meme coin on January 17th, 2025, just a few days before his presidential inauguration. Within less than 24 hours it has reached a staggering market capitalization of $4.8 billion and a fully diluted valuation of $24.3 billion. “Trump Coin” has taken the cryptocurrency world by storm, potentially positioning itself to challenge Dogecoin’s supremacy in the meme coin ecosystem.

If you want to get in the weeds a bit, go further:

Consider the cautionary tales of Libra (later Diem), LBRY and the like, which spent millions attempting to launch a legitimate cryptocurrency only to be stymied by regulatory hurdles. Meanwhile, meme coins like Dogecoin, Shiba Inu, and now Trump Coin have flourished precisely because they make no pretense of being securities: they explicitly position themselves as purely speculative assets with no promise of profit sharing or underlying utility.

 

 

Oh, and they damn sure don’t want to be sued. When was the last time you got change at Wendy’s and the dollars came with a contract to not bring a class action suit?

The meme coins come with extensive terms and conditions, which states they are “NOT INTENDED TO BE, OR TO BE THE SUBJECT OF, AN INVESTMENT OPPORTUNITY, INVESTMENT CONTRACT, OR SECURITY OF ANY TYPE.”

The site links to terms and conditions that state the purchaser surrenders the right to join a class-action lawsuit against CIC Digital LLC, the Trump Organization affiliate which makes the $TRUMP coins, unless they give “written notice of your decision within thirty (30) days of the date that you first access the Website.”

I cannot even pretend to discuss this on any level save one. I do know that people don’t throw billions of dollars around as a giggle and an “F-You” to the Democrats. I also know that with this much money orbiting people’s heads, someone has to lose a lot of it and it damn sure isn’t likely to be Donald Trump. Indeed, he stands to gain that much more by muscling the power of the Oval Office into doing whatever he has to do to make another few billion over the next day. This is actually real and thus really important because it is easy to see how this thing could quickly consume a man like Trump. You thought he checked his phone too much during the first term.You thought that he abused the hotel he owned?

 

I cannot believe this is legal, though – to be sure, that wouldn’t have stopped him or any of them even if it wasn’t. It was going to be hard enough to stomach Monday but now consider this. If Donald Trump has billions riding on any one decision – and now he does, how do you think those decisions will get made? And the next question, if Trump makes a decision as president, one that sends the market reeling, how quickly do you think that decision will get reversed? Anyone wanting a more thorough analysis of the dangers should read through this tweet – indeed, it should be near required reading for all Americans.

I truly don’t know. I don’t get Bitcoin, never mind this. It is utter insanity but it’s the type of insanity that will have huge consequences to you and me as citizens. Trump was always consumed by money, now it could consume him. Weird that many of us once thought that being president of the United States would be the pinnacle of everything. Leave it to him to figure out how to wring as much money out of the job as possible while making it even more corrupt.

God Bless: I can be reached at [email protected] and on X @JasonMiciak and now on Bluesky.

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2 COMMENTS

    • What law? We just handed ultimate power to a career criminal LEGALLY. The ‘law’ in America has as much legitimacy as the laws passed to keep black folks in slavery…NONE.

      5

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