Trump became a cryptocurrency billionaire overnight thanks to the “Trump Meme” coin.

President-elect Donald Trump‘s New cryptocurrency token It has made him a billionaire several times over, but concerns remain about the ethics of the scheme in light of his presidency.

According to According to Axios, Trump’s cryptocurrency holdings were worth $58 billion on paper, which when combined with his other assets could place him among the richest people in the world.

Trump announced the launch of the token, which he called “$TRUMP,” on Friday by inviting his followers to “join the very special Trump community.” the CryptocurrencyThe company’s slogan reads: “Join the Trump community. This is history in the making!”

Marketing materials for the coin depict Trump with a raised fist after his assassination attempt last summer with the phrase “FIGHT FIGHT FIGHT” and Trump’s signature above the image.

It was created by CIC Digital LLC – an affiliate of the Trump Organization that sold it Other Trump merchandiseincluding “God Bless the Bible USA,” Trump sneakers, cologne commemorating the assassination attempt, and $100,000 worth of diamond watches — the tokens began trading at $10 each on Friday but reached $70 by Sunday morning. . According to to Associated Press. The Trump Meme website states that the Trump Organization owns 80 percent of the cryptocurrency, and says it will slowly release more over the next three years while benefiting from “trading revenue” generated by sales.

The website also includes a disclaimer that the cryptocurrency is “not political and has no affiliation with any political campaign or any political office or government agency.”

She continued: “Trump memes are intended to serve as an expression of support and engagement with the ideals and beliefs embodied by the symbol ‘$TRUMP.’”

Legal disclosures state that the tokens are not “an investment opportunity, investment contract, or security of any kind.”

During the 2024 campaign, Trump repeatedly promised to be a pro-crypto president, Gain support for him and Millions in donations From Bitcoin and blockchain gurus after Biden administration SEC Chairman Gary Gensler, Fired Legal crackdown on the industry. Key figures in the cryptocurrency space are informally advising Trump, and some of them are expected to be shortlisted for key positions in his administration.

Trump who He benefited Significantly While there First semester In office through him Hotels and ResortsHe is expected to gain more during his second term in the White House.

“It’s literally leveraging the presidency — creating a financial instrument so that people can transfer money to the president’s family in connection with his office,” said Adav Noti, executive director of the nonprofit ethics group Campaign Legal Center. He said New York Times. “It’s unprecedented.”