Trump crypto soars as US president offers dinner to top holders
The price of Donald Trump's cryptocurrency has soared after the US president promised to host two special events for its top investors.The website for the $Trump meme coin says its 220 biggest holders will be invited to a private gala dinner with the president on 22 May, describing it as the "most EXCLUSIVE INVITATION in the world."According to crypto trading platform Coinbase, $Trump jumped by more than 70% after the announcement. But it remains well below the record high of more than $74 (£42.40) reached shortly after its launch in January.The digital currency is one of several crypto-related ventures launched by businesses linked to Trump, who has called himself the "crypto president".
As well as the gala dinner, which will be held at the Trump National Golf Club in Washington DC, there will be "an ultra-exclusive private VIP reception with the President" for the top 25 coin holders, the coin's website said.Trump tokens in circulation are currently worth a total of around $2.5bn. They were first released just days before his inauguration on 20 January.The move was criticised by several people in the crypto industry, with some calling it "a stunt".First lady Melania Trump also launched a cryptocurrency on the eve of the inauguration .Meme coins are often used by speculators to make money or to allow fans to show support to a celebrity or moment in internet culture.Shortly after returning to the White House this year, Trump signed an executive order to create a presidential working group tasked with proposing new crypto laws and regulations.He has also signed an order to create a Strategic Bitcoin Reserve as well as a Digital Asset Stockpile, which will include other digital currencies.Those funds will be stocked with coins forfeited to the federal government as part of criminal or civil proceedings.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Sky News
29 minutes ago
- Sky News
Diplomatic win for UK hosting US-China trade talks
Sky News understands that the Trump administration approached the UK government to ask if it would host round two of the US-China trade talks. This is a useful 'diplo-win' for the UK. The first round was held in Geneva last month. News of that happening came as a surprise. The Chinese and the Americans were in the midst of a Trump-instigated trade war. President Trump was en route to Saudi Arabia and suddenly we got word of talks in Switzerland. They went surprisingly well. US treasury secretary Scott Bessent and his Chinese counterpart He Lifeng, met face-to-face and agreed to suspend most tariffs for 90 days. But two weeks later, the Trump administration accused Beijing of breaking the agreements reached in Geneva. Beijing threw the blame back at Washington. On Wednesday, Donald Trump and Xi Jinping spoke by phone. The Chinese claimed this call was at the Americans' request. Either way, the consequence was that the talks were back on track. "I just concluded a very good phone call with President Xi of China, discussing some of the intricacies of our recently made, and agreed to, trade deal," President Trump said this week. From that call came the impetus for a second round of talks. A venue was needed. In stepped the UK at short notice. Beyond being geographically convenient, UK government sources suggest that Britain is geopolitically in the right place right now to act as this bridge and facilitator. The UK-China relationship is in the process of a "reset". Other locations, like Brussels or other EU capitals, would have been less workable. Crucially too, for the UK, this is also potentially advantageous as it seeks to get its own UK-US trade agreement, to eliminate or massively reduce tariffs, over the line. 5:08 Talks on reaching the "implementation phase" have been near-continuous since the announcement last month, but having the American principals in London is a plus. Sideline talks are possible, but even the presence of the US team in the UK is helpful. For all the chaos that President Trump is causing with his tariffs, he has instigated face-to-face conversations as he seeks resets. Key players are sitting down around tables - yes, to untangle the trade knots which Trump tied, but this whole episode has pulled foes together around the same table; it has forced relationships and maybe mutual understanding. That's useful. And for this next round, between superpowers, the UK is the host. Also useful.
Daily Record
2 hours ago
- Daily Record
Donald Trump and Elon Musk feud is very dangerous for the President
The political alliance between Donald Trump and billionaire Elon Musk has disfigured US politics. Musk helping bankroll Trump's second election victory was an example of money buying power. Being handed a job as the head of the Department of Government Efficiency (DOGE) to cut spending was also wrong on a number of levels. It reeked of a massive favour to a donor and led to the dodgy practice of unaccountable allies of Musk cutting government programmes. But both individuals are ego maniacs and it was only a matter of time before they fell out spectacularly. Musk is unhappy at a Trump tax bill he believes will be financially ruinous. Sniping then led to Musk making the incendiary claim the president's name appears in the notorious Jeffrey Epstein files. Few things are more damaging reputationally than being linked to the late Epstein - just ask Prince Andrew. This developing feud between Trump and his former pal Musk is dangerous for the President. The Tesla co-founder has power and influence, both politically and in the corporate world, and he seems intent on doing damage. A positive step for the world would be if both men cancelled themselves out through their bickering. The US is known as a land of opportunity but we are in a situation where a small number of billionaires wield disproportionate power. People like Musk should be paying more in tax and held to account for the cuts he was allowed to make in government. Trump is already a lame duck president and Americans must look to a time when he is no longer in charge. Weapons in court The proliferation of weapons on our streets is bad enough. But it beggars belief that thousands of blades, guns and bullets have been seized in Scottish courtrooms in the last year as our investigation reveals. The motivation of those who would attempt to enter a court while armed is not clear. Do they think they need protection or is it to dish out retribution? Whatever the reason, it is vital courts are safe places for justice to be carried out without fear for anyone's safety. People should be able to expect to attend court as an employee, witness or accused without being worried about the threat of violence. Those sinister or stupid enough to believe they can carry weapons into a court of law should be left in no doubt their conduct is unacceptable. They should be hammered by the courts they seek to undermine.
The Herald Scotland
2 hours ago
- The Herald Scotland
New risks emerge as America becomes less attractive
For decades, international investors have treated US government bonds as the safest place for their money. A long bull market in shares has been supported by American bonds and a sound US dollar. Since the global financial crisis of 2008, the underpinning of a 'safe haven' has helped stock markets to cope with other uncertainties. Now, investors are demanding much higher returns to lend money to the US government long-term. America is becoming less attractive to global investors at a time when its government needs them for finance more than ever. There is plenty to be nervous about. The US government is spending far more than it takes in, with the deficit up this year. Trump's spending and tax cut plans are likely to add to the US national debt over the next decade. And the US dollar has fallen to its lowest level in almost three years. US business confidence is weak, with the full impact of the supply turmoil yet to bite. Many manufacturers had stockpiled goods and components ahead of Trump's tariffs and import controls, but this buffer will soon be exhausted. May's stock market rally might seem reassuring on the surface. Major US technology companies like Apple, Microsoft, Amazon, and Nvidia delivered strong earnings and drove most of the market gains. The biggest seven tech companies alone were responsible for more than half of the US stock market's rise in May. But these trading results do not yet reflect the full impact of the trade war and supply changes. Analysts expect slower earnings growth for these businesses over the next year. Trump still plans further action, and the tariffs to date will produce significant adverse effects; higher consumer prices, lower business investment and lower economic growth. Read more: Perhaps most worrying for investors is the inflation risk building up worldwide. As global tensions rise, governments will spend more on defence, with limited scope for tax increases. Business costs will also increase, as trade disputes continue to disrupt how goods move around the world. Global borrowing costs could force central banks to keep interest rates higher for longer. The Governor of the Bank of England has warned that interest rate cuts are now more uncertain. There are signs that the tension between governments that want to spend more and nervous international lenders is also playing out in the UK, EU and Japan. British government bonds – gilts- are already seeing pressure as investors become more choosy about lending to governments anywhere. The OECD report this month warned that weak consumer confidence and fragile public finances leave the UK vulnerable to shocks. Appeasing lenders by cutting spending or raising taxes would hit economic growth. The end of US exceptionalism, linked to the declining role of the US dollar as a reserve currency, may be a gradual process as it was for the UK. There is still growth in many major US businesses and the US stock market is by far the most liquid globally. Shares have a record of coping better than bonds with rising inflation and there is value is stock markets outside the US. But we may be seeing the end of an era when investors could pay less attention to currency movements. And, although government bonds have a role in diversifying portfolios along with a spread of investments internationally, it is harder now to escape geopolitical risks. The recent stock market rebound may give opportunity to rebalance portfolios. Colin McLean is a director of Barnton Capital
