Trump's $TRUMP dinner backlash: Crypto crash and political fallout
During a dinner organized by Donald Trump at a golf club in Virginia, significant controversies arose. The attendees were holders of the $TRUMP cryptocurrency, on which they spent a total of $148 million. After the unsuccessful meeting, its value dropped. This is not the end of the problems for the President of the United States.
$TRUMP is a cryptocurrency created by Donald Trump — he established it before he became president. Initially, the entire venture was regarded as a joke, but over time, the so-called memecoin began to gain value. At its peak, a unit was priced at $75.50.
For those who bought the most, the politician organized a special dinner. Among the guests were former NBA star Lamar Odom and Nicholas Pinto. The latter invested $360,000. He hoped for an elite and luxurious event, and afterward, he shared his negative impressions.
CNBC quoted the entrepreneur's account, stating that the food was "trash," and he only drank water and left hungry. He also noted that the U.S. leader found time for only 25 of the 220 participants, and spent a total of just 23 minutes with them. Trump also gave a short speech.
This led to a drop in the price of $TRUMP by as much as 16%. According to American media, this is not Trump's sole issue. Politicians accused the president of using his position for personal purposes and gains. Allegedly, he promised some investors a tour of the White House.
Politicians seek a ban impacting Trump
Senators Jeff Merkley and Chuck Schumer proposed the creation of regulations prohibiting high-ranking officials from using cryptocurrencies for private purposes. They urged for the appropriate provisions to be added to the GENIUS Act.
The president's spokesperson, Karoline Leavitt, quoted by CNBC, stated that he handles business in his free time, and the event was not organized at the White House. However, they refused to publish the list of all guests.
After the unsuccessful dinner, mocking memes appeared online, portraying Donald Trump as a "crypto president" or "access seller." Jokes circulated that he invited investors to dinner without good food because it is not included in the price of $TRUMP.
