Zinger Key Points
- BitMEX Research decries Trump's meme coin as an example of financial absurdity, raising concerns about the ethics of such actions.
- BitMEX Research questions the link between memecoin prices and political realities, while also calling out "opportunities" for corruption.
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BitMEX Research has criticized Donald Trump's meme coin launch as a stark example of political corruption enabled by blockchain technology, arguing it reflects decades of eroded trust in U.S. leadership.
What Happened: In a blog post published on Monday, the research arm of the cryptocurrency exchange dissected how Trump, as President, leveraged his position to profit from Official Trump TRUMP/USD, a speculative digital asset, raising questions about legality and political accountability.
The report draws on commentator Demetri Kofinas' view that Trump's actions undermine the presidency's integrity.
"You're President of the United States… and you're launching a meme coin!" Kofinas said, calling the Jan. 20, inauguration-day launch "a gut punch" to Trump's national rejuvenation platform.
BitMEX Research frames this as a culmination of systemic failures, citing past scandals like Hunter Biden's Burisma role and the 2008 financial crisis as precursors that normalized such behavior.
Why It Matters: Contrastingly, Maelstrom Chief Investment Officer Arthur Hayes offers a defense, suggesting meme coins could revolutionize political funding.
"This is much better than how the Bidens feathered their nest through a raft of secret payoffs from foreign businesses," Hayes said, proposing that transparent corruption via meme coins outshines opaque traditional grafts.
Yet, BitMEX Research remains skeptical, warning that Trump's allocation of 80% of TRUMP tokens to himself exemplifies greed-driven absurdity within an already tarnished crypto ecosystem.
The blog also notes broader cynicism about Western values, with Grant Williams linking meme coins to a "moral vacuum" fueled by speculative bubbles.
BitMEX Research states that while Trump's strategy may energize supporters, it risks economic productivity by diverting capital into speculative ventures rather than substantive growth.
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