The president-elect was briefly reported as the world’s 25th richest person this weekend as he launched a new cryptocurrency “meme coin” called “Fight Fight Fight”.
My NEW Official Trump Meme is HERE! It’s time to celebrate everything we stand for: WINNING! Join my very special Trump Community. GET YOUR $TRUMP NOW. Go to t.co/GX3ZxT5xyq — Have Fun! pic.twitter.com/flIKYyfBrC
— Donald J. Trump (@realDonaldTrump) January 18, 2025For crypto insiders like Marco Di Maggio, professor of finance at Imperial College and author of Blockchain, Crypto, DEFI, Trump’s digital currency was the “cherry on top”.
Trump, a self-described “crypto president”, promised on Sunday he would sign close to 100 executive orders upon returning to the White House and is believed to be readying an order to create a crypto advisory council, according to Reuters.
Another action Professor Di Maggio believed Trump could take immediately is signing an order preventing the government from earning money by selling billions of dollars worth of seized bitcoin. It would come as American authorities were given the green-light to seize $6.5bn (£5.33bn) worth of bitcoin from the dark web marketplace Silk Road.
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Read MoreWith the UK having often followed the US when it comes to financial systems, Professor Di Maggio said Britain could mirror Trump on crypto regulation. “If it [the US] is going to attract capital, talent and jobs then, if UK policymakers are not short-sighted, they could easily see the right thing to do is become similarly attractive.”
The UK government is yet to have issued crypto-specific regulation and is due to finalise its regulatory framework by early 2025, according to former Treasury economic secretary Tulip Siddiq.
The Treasury has been contacted for comment.
Associate professor of finance at the University of Southampton, Larisa Yarovaya, told The i Paper that she agreed the UK may be pushed to cut red tape around crypto, as it “must stay competitive in attracting businesses and talent in innovative sectors”.
Yarovaya warned how Trump’s public support for cryptocurrency “could inflate a bubble, similar to the dotcom bubble” in the 90s, under Bill Clinton.
“If investors did not investigate whether these companies genuinely adopted blockchain technology [the digital infrastructure underlying cryptocurrency], they are likely to sell these stocks swiftly at the first sign of negative news or a crisis in the crypto market” Yarovaya said.
Even Professor Di Maggio admits the Fight Fight Fight coin had “no economic basis”, explaining how it was inherently susceptible to extreme price volatility: “People who had invested in Donald Trump’s coins then sold up to ride the boom of Melania’s coin, reducing the price of Donald Trump’s meme coin.”
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