Former US President Donald Trump has ventured a little more into the world of cryptocurrency by including his official memecoin, TRUMP, into commercial activities. TRUMP token holders can now use their tokens to buy branded goods, among them sneakers, watches, and perfumes. This is a significant step for Trump. In previous times, he didn’t believe in cryptocurrencies at all, though he is increasingly invading the space.
TRUMP memecoin, gaining real-life utility.
The TRUMP token was essentially a speculative asset prior to its adoption for merchandise, but its use for this adds real-world utility. Reportedly, three websites—GetTrumpSneakers.com, GetTrumpWatches.com, and GetTrumpFragrances.com—are now taking TRUMP as a payment option. The sites, affiliated with Trump’s business entity CIC Ventures LLC, also accept Bitcoin.
With a user base of around 700,000 TRUMP holders, the memecoin may increase its usage in transactions beyond mere speculation. Nevertheless, 80% of the token’s supply is held by Trump-affiliated entities.
With the Binance Card, you can now use your crypto to purchase anything anywhere Visa is accepted. Yes, you read that right – anywhere! So, whether you're shopping for groceries, filling up your gas tank, or booking a flight, you can pay using your favorite digital currency
— Jason (@BigJ25135) February 15, 2023
2/5
Trump’s growing influence in the crypto world
The digital asset involvement of the former US President goes beyond his memecoins. After dropping NFTs in 2022, Mr. Trump as well as other members of the family have helped crypto initiatives to include a DeFi project for World Liberty Financial. The current First Lady also launched her personal memecoin, MELANIA.
The company behind his social media platform, Trump Media and Technology Group, recently announced its expansion into financial services, including cryptocurrency investment products. The announcement caused an 8% increase in the company’s stock value.
Political and Ethical Concerns
While many in the industry support Trump’s pro-crypto stance, some worry about potential conflicts of interest. Critics argue that as President, he wields significant influence over crypto regulations while also profiting from personal investments in the sector.
According to government watchdogs, he has the ethical challenges of operating in a double role as both policymaker and crypto entrepreneur. Others believe his administration’s crypto regulation approach would be influenced more by personal financial interests than that of public good.
Conclusion
The involvement of Donald Trump in cryptocurrencies marks a change in the landscape of regulations and business. As he brings crypto payments to the mainstream by including TRUMP into his merchandise empire, transparency in conflicts of interest becomes an important question with the new policies under his administration.
Witness how Trump’s action may influence how the future cryptocurrency in the US will be defined by his position as a leader.
