- Donald Trump’s introduction of the meme coin has caused a stir even among cryptocurrency leaders.
- Anthony Scaramucci said in Davos that this is part of the “full enchilada” of voting to bring Trump to power.
- Brian Armstrong, CEO of Coinbase, welcomed Trump and supported the creation of a US Strategic Bitcoin Reserve.
Donald Trump’s launch of an official Trump dollar meme coin has sparked outrage even among cryptocurrency fans, but Anthony Scaramucci is not surprised by the move.
“When you vote for Donald Trump, you get everything,” Scaramucci said during the annual meeting of the World Economic Forum in Davos, Switzerland, on Tuesday. The founder and CEO of cryptocurrency-friendly asset management firm SkyBridge briefly served as the president’s White House communications director in his first term.
Trump’s decision to launch a currency 80% owned by groups linked to him “may concern some people,” Scaramucci said at a cryptocurrency panel moderated by Business Insider’s Spriha Srivastava.
However, others who understand his personality see the controversial release as part of “getting the whole enchilada for Donald Trump.”
Scaramucci said Trump’s payment — now worth billions — is “harming the industry” because it will anger older politicians and lawmakers and potentially “slow down” the regulatory process.
The Wall Street veteran explained why he’s concerned about Trump’s coin in a recent X post. “Now anyone in the world can deposit money into the bank account of the President of the United States of America with just a few clicks,” Scaramucci wrote. “Every service – geopolitical, corporate or personal – is now up for sale.”
Rules and precautions
Crypto insiders at the Davos Committee welcomed Trump’s re-election.
“It’s the dawn of a new day,” said Brian Armstrong, CEO of Coinbase, the leading U.S. cryptocurrency exchange. The Biden administration oversawVery hostile environment“For cryptocurrencies, officials have tried to illegally reduce or kill the industry,” he added.
Bitcoin, the most popular coin, surpassed $109,000 for the first time this week. Armstrong credited the rise to excitement over Trump’s pledges to be the first “crypto president” and order government agencies to support the industry, which has been battling regulators for years.
Armstrong also supported the idea of A Bitcoin Strategic Reserve For the US, cryptocurrencies being hailed as “digital gold” are becoming less volatile and still have a lot of “upside potential.” He added that the reserve “could be a big driver of Bitcoin’s price rise.”
However, Lesetia Kganyago, governor of the South African Reserve Bank, questioned why governments would hoard bitcoin instead of something else like beef, lamb or apples.
Armstrong responded by saying that Bitcoin is Superior to gold – Which is what many governments have – in terms of utility. Bitcoin fans often say that it serves as a store of value, a medium of exchange, an inflation hedge, and a valued asset due to its high demand and fixed supply.
Separately, Armstrong stressed that cryptocurrencies must become simpler and easier to use to achieve mass adoption: “Most people don’t understand how electricity works but they can turn on a light switch – we need to make it that simple.”
