A lavish party was held a few days before Trump's inauguration, attended by influential cryptocurrency figures. During the event, Trump surprised attendees by announcing the launch of a new cryptocurrency, $Trump. This announcement sparked criticism from industry insiders, who viewed it as an ethically questionable cash grab that jeopardized efforts for cryptocurrency legitimacy in mainstream finance. They argued that the move exploited the volatile market for personal profit, ultimately creating a fleeting bubble that benefitted Trump and his associates considerably.
Dressed in ball gowns, tuxedos and Make Bitcoin Great Again baseball caps, a crowd of some of the country's most powerful cryptocurrency executives gathered a few blocks from the White House for a lavish party three days before President Trump's inauguration.
At 9 p.m. on Jan. 17, with the festivities in full swing, Mr. Trump announced on social media that he was launching a new cryptocurrency—a so-called memecoin known simply as $Trump.
Crypto executives criticized the move as a cash grab, saying that Mr. Trump had undercut the industry's credibility at the very moment when proponents were seeking a more prominent place for digital currencies in mainstream finance.
His venture created a brief and highly publicized bubble that partly deflated within a few days, even as Mr. Trump's family and its business partners collected millions of dollars from fees on purchases and sales of the coin.
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