President Donald Trump’s official meme coin isn’t just rubbing some cryptocurrency executives the wrong way — it’s also annoying some of his run-of-the-mill MAGA supporters.
The Guardian has flagged some comments posted on a pro-Trump subreddit recently that show disillusionment with Trump’s decision to launch his own digital currency, which surged in value shortly after being released only to see its price plunge in the following weeks.
Many MAGA fans on the subreddit believed that Trump’s meme coin was a quick cash-grab at the expense of his fans, many of whom may have plugged significant chunks of cash into it early on, only to see its value quickly evaporate.
Among other things, posters on the forum described the coin as “degrad[ing] to the office of the Presidency,” “a lame money grab,” “a bad idea with a million ways to go wrong and derail his second term,” “shady,” and “kinda gross.”
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Another poster argued that Trump’s meme coin “looks bad and is bad,” while yet another declared that “this crypto is the most blatant Ponzi scheme in history and we are the marks.”
These criticisms haven’t stopped Trump and his business partners from further getting into the cryptocurrency business, writes The Guardian.
“On Tuesday, the Trump Media and Technology Group, which operates Trump’s social media platform Truth Social, announced the launch of a financial technology brand called ‘Truth.Fi,’ through which the company plans to invest up to $250m in crypto-currencies and ‘crypto securities,’ and other investment accounts,” the publication writes.
