Trump Seeks to Stamp Out the Trump Coin Cryptocurrency

Trump Coin is a cryptocurrency designed to celebrate the 45th President of the United States and his family. It seems people have been investing in the currency for some time and a lot of individuals are quite happy with it, but Trump and those who surround him have very different feelings about the currency. They are now threatening legal action against the currency’s developers and say that the asset uses the family name without permission.

Trump Seeks to End the Cryptocurrency’s Legacy

In a series of tweets, Eric Trump – a son of the President – explained they have never heard of the currency until recently, and they are now doing all they can to get in its way. He said:

Fraud alert! It has come to our attention that someone is promoting a cryptocurrency called ‘Trump Coin.’ This has NOTHING to do with our family. We do not authorize the use and we are in no way affiliated with this group. Legal action will be taken.

The interesting thing is that Trump Coin has been around for more than five years, first launching in February of 2016. This was just a few months after Donald announced his run for the White House.

So Many Friends and Family in the Space…

It is also interesting to see the President be so entwined in the world of digital currency considering he is not a fan. He has stated in the past that he is against bitcoin and other forms of crypto, as he feels they are direct threats to the U.S. dollar, which he says is the sovereign currency of the world. He commented in a series of tweets a few years back:

I am not a fan of bitcoin and other cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated crypto assets can facilitate unlawful behavior, including drug trade and other illegal activity… Similarly, Facebook’s Libra ‘virtual currency’ will have little standing or dependability. If Facebook and other companies want to become a bank, they must seek a new banking charter and become subject to banking regulations, just like other banks, both national and international… We have only one real currency in the USA, and it is stronger than ever, both dependable and reliable. It is by far the most dominant currency anywhere in the world, and it will always stay that way. It is called the United States dollar!

Trump has also been surrounded by many people that have sought long and hard to take advantage of the growing crypto space. One is his son in law Jared Kushner. It recently came out that Jared had sought assistance from the Federal Reserve while Trump was in office to get a national digital currency going, while Melania Trump has entered the non-fungible token (NFT) craze.

Source: Read Full Article