The US president is leveraging his position for personal gain by exploiting an industry known for lack of transparency and fraud
Throughout his business career, Donald Trump sought new ways to leverage his name to make easy money. He ran an airline, a university and a winery. Thanks to The Apprentice show that made him a reality TV star, the US president slapped his name on real estate projects around the world built by other companies – along with Trump-branded steaks, vodka, deodorant and bottled water. Many of these businesses ultimately failed, but Trump rarely invested his own funds and he still walked away with hefty licensing fees.
Today, as the most powerful person in the world, Trump has found perhaps the easiest way to profit off his name: cryptocurrency. Days before his inauguration for a second term on 20 January, Trump’s family business launched a meme coin, called $TRUMP, which is a type of digital currency often connected to an online joke or mascot. It has no inherent value beyond speculation. The coin quickly soared in value up to $75 per token, but it crashed days later. No matter the ultimate price, Trump and his family rake in millions of dollars in fees as the coin is traded by speculators hoping to turn a quick profit, or those trying to curry favor with him.