The Trump family’s new crypto token surged in just two days to become one of the most valuable forms of digital currency in the world, creating the potential for a multibillion-dollar payout to the family but also generating a storm of questions about the conflicts of interest the new venture creates.
President-elect Donald J. Trump announced the launch of the new token, $Trump, on Friday night as hundreds gathered for a crypto-inspired inauguration ball not far from the White House.
The venture won praise by some as a sign of how digital currencies are now going mainstream in the United States.
But economists and even some longtime crypto investors said the new digital coin, known as a memecoin, might also emerge as a landmark moment in the speculative history of crypto trading and the potential dangers it poses to the financial system. Memecoins are a type of cryptocurrency tied to an online joke or a celebrity mascot.
“If people…
