Throughout his career, Donald Trump has consistently sought opportunities to monetise his name, venturing into various businesses ranging from an airline and a university to a winery. His rise to fame as a reality TV star on “The Apprentice” enabled him to attach his name to global real estate projects as well as products like Trump-branded steaks and vodka. Despite many of these ventures failing, he capitalised on licensing fees and rarely invested his own money.
Now, Trump has taken his branding to the world of cryptocurrency with the launch of a meme coin called $TRUMP, coinciding with his second presidential inauguration on 20 January. While the coin initially surged to $75 per token, its value soon plummeted. Regardless, Trump and his family profited significantly from trading fees, leveraging the speculative nature of the coin.
Trump’s activities in the crypto sphere raise concerns about potential corruption, as they may facilitate enormous financial inflows from foreign investors, significantly enriching his family. In the past six months, the Trump family’s wealth reportedly surged by nearly $3 billion, solidifying his status as the most successful president in terms of financial gain. His ventures are particularly troubling as they open channels for foreign entities to indirectly finance his private interests.
Unlike his predecessors, Trump has opted not to adhere to conflict of interest laws, continuing to operate his business empire, largely managed by his sons. The Trump Organisation now spans beyond real estate to include various crypto and social media initiatives, providing new revenue streams tied directly to his political status. His ability to bypass traditional ethical standards has been bolstered by a compliant Republican Congress and a Supreme Court ruling granting him “absolute immunity” for presidential acts.
Trump’s cryptocurrency millions highlight an alarming intersection of personal gain and regulatory influence, especially as his meme coin draws foreign investors, including individuals typically barred from contributing to US politicians. Notably, one significant investor, Justin Sun, a Chinese billionaire, became a central figure at a private dinner hosted by Trump, following substantial financial investments in the meme coin and raising questions about foreign influence in US politics.
In addition to the casino of crypto investments, Trump’s administration has been steering toward deregulation, promising to make the US the “crypto capital of the planet.” This vision aligns with his bold statements at the dinner, claiming a shift towards more favourable conditions for the crypto industry, directly contradicting his earlier dismissals of cryptocurrencies as scams.
As Trump navigates this unregulated landscape, he continues to gather immense wealth, with little oversight, highlighting the potential pitfalls of his overlapping identities as a president and businessman.