Bitcoin-Backed Crypto Plunges 300% Following Startling Trump Revelations
Former U.S. President Donald Trump, gearing up for another White House race against President Joe Biden, has recently shown a fondness for bitcoin, prompting the Biden administration to potentially shift towards cryptocurrencies.
The price of bitcoin has surged following the collapse of the FTX crypto exchange in late 2022, with warnings to Trump and Biden that it could be the only way to save the U.S. dollar.
Speculation arose this week linking the Trump campaign to a new viral cryptocurrency called trumpcoin, causing a price crash after leaks debunked the claims.
Pirate Wires, a media company led by Mike Solana, suggested that Trump was launching an official token named DJT, with his son Barron taking the lead.
The price of DJT skyrocketed 300% after the claim, fueled by the belief that Trump’s involvement would drive it even higher. However, Martin Shkreli, known for pharmaceutical controversies, revealed his connection to DJT, causing a price drop.
Shkreli admitted his involvement in creating the DJT memecoin, contradicting his earlier denial, and claimed collaboration with Barron Trump.
Despite reports denying Trump campaign involvement, Shkreli continued to assert his role in the project, hinting at Barron’s significant ownership.
Trump’s recent embrace of bitcoin and crypto, highlighted by NFT trading card profits, contrasts sharply with the Biden administration’s anti-crypto stance. Trump even started accepting campaign donations in various cryptocurrencies.
During a Silicon Valley event, Trump reportedly expressed support for cryptocurrencies, earning him the moniker of the “crypto president.”
Ryan Selkis, a Trump supporter, assessed the likelihood of DJT’s legitimacy as 50-50, cautioning that a false claim could deter Trump from further crypto involvement.
David Bailey, CEO of Bitcoin Magazine, warned that spreading false information about DJT could harm the industry’s reputation and discourage Trump’s crypto engagement.
In conclusion, Trump’s increasing interest in cryptocurrencies, particularly bitcoin, has sparked speculation and controversy, shaping his image as a proponent of digital assets in the political landscape.
