Trumpcoin, a cryptocurrency named after Former President Donald Trump, is sparking outrage from the politician and his family.
Trump’s son Eric Trump aired his father’s grievances with the coin on Twitter Tuesday, posting “Fraud Alert: It has come to our attention that someone is promoting a crypto currency called “TrumpCoin” (Symbol “TRUMP.”) This has NOTHING to do with our family, we do not authorize the use and we are in no way affiliated with this group. Legal action will be taken.”
Despite the intense backlash from the Trump family, the coin itself has always claimed to be in support of Trump and his followers:
“The TrumpCoin Patriot loves Freedom, God, Family and feels a sense of pride in contributing to society, They stand up against corruption, support integrity, preserve our individual rights in a free society and respect those flags around the world that represent freedom,” the cryptocurrency’s statement read.
Trumpcoin’s founders replied to the family’s tweet threatening legal action by asserting that they never claimed to be in business with the former president or his family.
Trump: Bitcoin “Seems like a scam”
Trump has frequently spoken out against cryptocurrency, especially Bitcoin, in public and on Twitter, casting doubt on the digital currency’s sustainability.
“I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air,” he tweeted in 2019.
“We have only one real currency in the USA, and it is stronger than ever, both dependable and reliable. It is by far the most dominant currency anywhere in the World, and it will always stay that way. It is called the United States Dollar!” another tweet read.
Trump has also argued that bitcoin and other cryptocurrencies are “potentially a disaster waiting to happen” during an appearance on Fox Business.
When asked if he himself has invested in Bitcoin, Trump stated that he “likes the currency of the United States” and argued that cryptocurrencies hurt the US dollar.
The US “should be invested in our currency” rather than in cryptocurrencies, Trump claimed.
He highlighted that the nature and origins of Bitcoin and many other cryptocurrencies remain cloudy, stating: “They may be fake. Who knows what they are? They certainly are something that people don’t know very much about. I have not been a big fan,” the former US President said.
On the same program in June of 2021, Trump stated that Bitcoin “seems like a scam,” and that there should be more regulations placed on Bitcoin so that it does not compete with the US dollar.
“I want the dollar to be the currency of the world,” Trump stated.
“I don’t think we should have all of the bitcoins in the world out there. I think they should regulate them very very high, but the currency should be the dollar,” he insisted.
The comments angered proponents of cryptocurrencies, some of whom have made millions playing the cryptocurrency market.