US President Donald Trump was criticized for launching Mimi’s currency while saying he “does not know much” about the encrypted currency.
The digital currency called Trump appeared on its social media accounts before its inauguration on Monday and soon became one of the most valuable cryptocurrencies. The value of one currency increased to $ 75 in one day, but it has since decreased to $ 39.
But the launch of the so -called Mimi currency – an encoded currency has no benefit except for fun or speculation – has been subjected to widespread criticism by those familiar with the industry.
“Trump’s comments about not knowing a lot about the currency support my opinion that he is mocking the industry. It is a trick,” says Danny Scott, CEO of Coincorner.
The last decline in value came after Trump told reporters: “I do not know much about it except that I fired it, unlike it was very successful.”
When he was told that his metal currency collected several billion dollars in his favor, he reduced the importance of the matter, saying, “Several billion – this is a small amount for these men,” referring to the technology billionaires who met at a press conference on artificial intelligence.
Mudrostors often use Meme currencies to earn money or to allow fans to show support for a celebrity or a moment in the Internet culture.
This is not the first time that Trump has sold encrypted currency products. Millions of NFTS’s launch in various modes of superheroes in 2022 have won.
Some industry analysts say that the president gets his Mimi currency is a sign that others must follow him.
“Trump’s distinctive currency has just referred to every company, municipality, university, and an individual brand that it is now possible to use cryptocurrencies such as capital formation and customer paving mechanism,” Jeff Dorman from the ARCA investment company also published online.
However, the general feeling appears to be negative towards the president’s currency.
Many people in the cryptocurrency world are waiting for Trump to support his electoral promises to help boost industry in the United States. People like Danny Scott hope to see focused plans from management, especially with regard to bitcoin.
On Thursday, the president took the first step towards fulfilling these promises by signing an executive order to create a working group to explore changes in the organization of encrypted currencies and the possibility of establishing a national stock of encrypted currencies.
Last year, Trump promised Bitcoin fans that he would make the United States “the capital of cryptocurrencies on this planet.” A few days after his mandate, the president did not issue executive orders related to encrypted currencies, and did not mention them in his speeches.
The Trump coin is now the coded currency number 25, the most valuable of about $ 8 billion, according to Coinmarketca.
Trump and the team behind which is 80% of the currencies, so, in theory, they will reap billions of dollars if they sold their shares and the price remains the same.
K33 currency researchers have described this preparation as old in relation to similar symbols.
“There is no sugar coating,” said David Zimmerman, a K33 analyst.
However, K33 analysts admit that the remaining 80 % of the currencies cannot be put on the open market, so investors are partially protected from price shocks.
There are thousands of cryptocurrencies and anyone can create one.
First Lady Melania Trump has launched her own digital currency on the eve of the inauguration, which is now 700 million dollars since she declined from $ 13 per currency to $ 2.70.
However, many mimic currencies led to great losses for the people who invest in them.
Dan Hughes, from the Cross Currency Company, believes that the President and his wife’s launch of their digital currencies undermine industry positives.
He said: “This pattern is likely to represent the distinctive symbols led by celebrities, especially from political figures, a worrying trend in cryptocurrencies where manipulation can be overwhelmed by the influence and liquidity on creating the basic value.”
Others in the world of encrypted currencies believe that the launch of the coins to earn money is insulting.
“The launch of these coins during the presidential inauguration ceremony raises concerns about the conflict of potential interests and may undermine the dignity of the president and the first lady,” said Grezijors Drozds, a market analyst at Conotoxia Investment Company.
