$TRUMP Memecoin Crashes: Crypto Investors Slam Trump's Alleged Cash Grab
The crypto industry was initially thrilled when Donald Trump, then a presidential candidate, spoke positively about Bitcoin and other cryptocurrencies. However, as his family's fortunes in crypto grew to $1.4 billion last year, some young investors are now expressing their outrage.
Carl Runefelt, a popular crypto streamer with 2.2 million TikTok followers, was initially excited by Trump's pro-crypto stance and even bought more Bitcoin to celebrate the first U.S. president to support the industry.
However, when $TRUMP, the cryptocurrency created by Trump's team, crashed in value, many investors felt betrayed by Trump's 'cash grab.' They point out that he promised a crypto reserve but failed to deliver on this promise.
'What they basically did was a money grab,' said David, a South Carolina participant in a Bulwark focus group of independent and moderate 18-to-24-year-olds. 'He's literally a billionaire. Like, how much more money does he need?'
Cole from New Jersey called the memecoin a 'cash grab' meant to 'prey' on younger followers, labeling Trump as a 'grifter.' The backlash is causing many in the crypto community to reevaluate their trust in politicians and the industry's reputation.