Crypto investor Mike Novogratz recently shared his less-than-enthusiastic opinion on the Trump-branded memecoin, TRUMP. While praising the Trump administration’s overall positive impact on the crypto industry, Novogratz described the coin’s launch as a major setback.
A “Foolish” Launch
Speaking at Bitcoin Investor Week, Novogratz stated that the coin’s debut felt like a “turd in the punchbowl,” spoiling the celebrations and hard work of the crypto community over the past eight years. He explained that the launch undermined the progress made in gaining mainstream acceptance for cryptocurrencies. The coin’s significant price drop, currently trading at $10.81 (down over 85% from its high of $73.43), further supports his point.
Concerns from the Crypto Community
Novogratz isn’t alone in his criticism. Ethereum founder Vitalik Buterin previously voiced concerns, calling political coins “vehicles for unlimited political bribery.” The launch of TRUMP highlights the ongoing debate surrounding the intersection of politics and cryptocurrency.
Disclaimer
It’s important to remember that investing in cryptocurrencies is inherently risky. Always do your own research before investing.
