Trump's newest move has triggered an uproar among key executives, who call it a "corrupt cash grab" undercutting broader confidence. The fierce backlash reflects mounting anxiety over possible repercussions, as even staunch allies question his motives and brace for fallout in the wider financial ecosystem.
After Donald Trump and several members of his family dipped their toes into the business with their own digital coins, which had the effect of infuriating some followers who had never seen it coming, the ongoing efforts that Donald Trump is doing to ingratiate himself with supporters of cryptocurrencies have encountered a significant speed bump.
According to a story that was published in the New York Times, executives in the cryptocurrency business have been fighting against the notion that their industry is not on the right track for a long time. They have also expressed admiration for the newly elected president's promise to embrace the financial instrument.
On the other hand, according to a report by the Times, the entry of Trump and his wife Melania into the market took a number of the president's followers who are crypto millionaires and billionaires "off guard."
Crypto executives have criticized the move as a cash grab, according to The Times. They stated that Trump had undermined the credibility of the industry at the very moment when advocates were looking for a more prominent place for digital currencies in mainstream finance and business.
This was after the move created a brief and highly publicized bubble that partially deflated within a few days, despite the fact that Trump's family and its business partners collected millions of dollars from fees on purchases and sales of his coin.
Nic Carter, who is a strong supporter of Donald Trump and the founder of the cryptocurrency investment business Castle Island Ventures, claims that the president, at a time when he is striving to encourage cryptocurrency in the halls of government, is instead making it appear as though it is a hoax.
In an interview with the Times, he stated that it gives the impression that everything is tainted with corruption and self-interest. The story also stated that following the launches, the industry's enthusiasm for Trump changed into extreme anger.
A cryptocurrency executive named Justin Bons was quoted as saying that the launches of memecoins that came one after the other were "little more than brazen money grabs," as reported by the Times.
