In response, Donald Trump showed an apparent lack of knowledge or interest in the details of his own Official Trump (TRUMP) cryptocurrency project when asked about it today, in his first press conference after taking office as the 47th President of the United States. At the time, the president was questioned about whether he intended to continue selling products that could benefit him personally during his term in office.
The question was a direct reference to his previous and current business activities, including the promotion of various products under his brand, since, hours before taking office as president, Trump launched his own memecoin with which he broke the market.
“Well, I don’t know if he made a profit. I don’t know where he is. I don’t know much about it other than I started it. I heard it was very successful. I haven’t checked. Where is he today?” he said in front of a group of reporters. The exchange continued with one reporter outright stating, “You made a lot of money, sir,” to which Trump offered no additional specific response about his intention to continue these business activities.
The project has $8 billion in market capitalization. After rising to a high of $48, the cryptocurrency fell 16% immediately following his comments. It has since recovered and at the time of writing is at $42.12, according to data from CoinGecko.
However, when Trump was briefed by reporters on the token's multi-billion dollar valuation, he called it "a pittance" compared to the $500 billion in investments in the technology development he was pitching at the time alongside executives from SoftBank, OpenAI and Oracle.
In any case, in addition to Trump's memecoin, his wife, now First Lady Melania, also launched her cryptocurrency just before his arrival at the White House. The Solana-based token currently has a market capitalization exceeding $600 million and a price per asset of $4.09, with an increase of 18% in the last 24 hours.
These actions have raised numerous questions about potential conflicts of interest and the use of power by rulers for personal gain. So far, there has been no clear indication that Trump plans to separate his business interests from his responsibilities as president, which remains a matter of concern for many political observers and citizens who warn of the need for greater transparency and ethics in government.
Trump’s comments also reflect an apparent disconnect or disinterest in the details of his business dealings as he assumes one of the most influential roles in the world, leaving many to wonder: what will cryptocurrency regulation look like in the coming years of his presidency?
