Mark Cuban Says Trump’s Meme Coin Move Undermines Crypto’s Credibility

Famend U.S. entrepreneur Mark Cuban has voiced his frustration over President Donald Trump’s launch of the Official Trump meme coin on the weekend earlier than his inauguration.

The Dallas Mavericks proprietor known as the transfer a setback for crypto’s legitimacy, suggesting it undermines possession and promotes hypothesis.

Cuban Slams Trump’s Meme Coin Transfer

The billionaire, a mainstay of the favored actuality present “Shark Tank,” took to X on January 20 to specific his disapproval of the President’s meme coin rollout, labeling it as “self-serving” and “the largest bunch of nonsense” he had ever encountered in crypto.

Cuban argued that initiatives like Trump’s had been dangerous to the trade’s fame as they prioritized risk-taking over worth creation.

“That is the largest bunch of self serving Bullsh*t I’ve ever heard. In your world there isn’t any possession. Simply hypothesis,” he stated.

Moreover, the businessman hinted that the launch might open doorways for scammers concentrating on crypto newbies, including that the incoming head of the U.S. Securities and Trade Fee (SEC) wouldn’t be happy with the event.

In his tirade, Cuban additionally questioned the worth proposition of meme cash like TRUMP, asking, “What’s the utility for the customer?” He went additional to label such ventures as playing in disguise, warning that they may injury efforts to validate cryptocurrencies. “Goodbye no matter hope the crypto trade had of legitimizing itself,” the 66-year-old asserted.

He isn’t alone in his criticism. Yesterday, former Coinbase CTO Balaji Srinivasan decried the speculative nature of meme cash, describing them as a “zero-sum lottery” that always leads to a value collapse.

Ever since its introduction final Friday, the TRUMP token has skilled a rollercoaster journey, going from a low of $6.24 to a excessive of $75.35 to attain a market cap of greater than $15 billion. At present, it’s buying and selling across the $38 degree after losing greater than half its worth following the launch of the First Woman’s personal meme coin, MELANIA.

Nevertheless, with a market cap north of $7 billion, TRUMP is the twenty eighth largest cryptocurrency out there and #3 amongst meme cash.

Meme Coin for the Treasury

Curiously, regardless of his earlier critique, Cuban floated the concept of making a meme coin of his personal, modeled on Trump’s however underneath totally different phrases.

The TRUMP token was launched with 80% of its provide withheld by an organization linked to the brand new occupant of the Oval Workplace. They’re set to be unlocked over the following three years, with any income derived from buying and selling charges going into the corporate’s coffers.

Nevertheless, Cuban’s proposal would see all income from the sale of his meme coin go to the U.S. Treasury to assist offset the nationwide debt. On this means, he argued, he might flip the speculative nature of such property right into a mechanism for public good. Additional, he said that the pockets tackle could be public, permitting everybody to trace the funds.