The crypto industry has hailed President Trump as a savior. But shortly before his inauguration, Trump made a surprise move that shook the crypto world. WSJ’s Vicky Ge Huang explains the president’s new cryptocurrency and why it has ruffled feathers. Further Reading: -$TRUMP Is Already Worth Billions. What to Know About the Meme Coin. -Crypto Thought Trump Would Bring It Legitimacy. Then He Launched a Meme Coin. Further Listening: -Bitcoin Hit $100k. What's Next? -Inside the Trump Crypto Bromance Learn more about your ad choices. Visit megaphone.fm/adchoices
Full Episode
The Friday before inauguration, the crypto industry convened in D.C. for a party. They called it the Crypto Ball. Our colleague Vicky Huang talked to some of the attendees.
Who was there? Everyone. A lot of the most high-profile people in crypto were there, such as Coinbase CEO Brian Armstrong, the co-founders of crypto exchange Gemini, the Winklevoss brothers, and some of the most high-profile political figures.
Trump's pick for Treasury Secretary was there. So was the Speaker of the House. Guests noshed on beef tenderloin and tuna tartare. They snapped up free swag like Make Bitcoin Great Again hats and Trump-style golden slippers. Snoop Dogg performed.
What were they celebrating?
They were celebrating the inauguration of President Trump. But beyond that, it was more about how President Trump has become the crypto industry's biggest cheerleader.
On the campaign trail, Trump embraced crypto. He promised industry-friendly regulations and pledged to start a national Bitcoin reserve. And the crypto industry embraced Trump right back, channeling contributions to him and other crypto-friendly candidates. Now, at the crypto ball, it seemed like all that effort and cash was about to pay off. Here's Trump's crypto czar, David Sachs, on stage.
The reign of terror against crypto is over. And the beginning of innovation in America for crypto has just begun.
But while they were partying, Trump, the champion of the crypto industry, was making a surprise move.
So at 9 p.m., President Trump posted on his social media platform, Truth Social, that he was launching a cryptocurrency.
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