Trump Supporters Lose $12 Billion As His Cryptocurrency, $Trump, Collapses In Value

Supporters of President Donald Trump have lost over $12 billion after the value of his cryptocurrency crashed. $Trump coin was unveiled three days after his inauguration and has already lost over 80% of its value.

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Trump’s personal losses have not been revealed to the public. Fans of Trump flocked to the coin before the inauguration hoping the token would increase in value.

The $Trump coin has dwindled in value since January, and there has been a broader market crash. Bitcoin has lost a fifth of its value since the day of Trump’s inauguration. 

Trump has vowed to be the first crypto president by appointing David Sacks, a venture capitalist, as the White House crypto tsar.

Democrats want to target Trump’s crypto ventures by introducing laws that would prevent government officials and their families from launching meme coins. Rep. Sam Liccardo (D-California) plans to introduce the Modern Emoluments and Malfeasance Enforcement Act.

“The Trumps’ issuance of meme coins financially exploits the public for personal gain and raises the specter of insider trading and foreign influence over the Executive Branch,” Liccardo told ABC News.

The law would apply to the president, vice president, members of Congress, White House officials and their family members.

Though some see mainstream cryptocurrencies as a potential way to change payments and finance, meme coins can also show support to specific people or a form of gambling.