We can trust Donald Trump when he says he doesn’t directly profit from the TRUMP token? Color me shocked. But truthfully, if he never sees a dime directly, that’s almost beside the point. This whole saga exposes a far more insidious problem plaguing the crypto world: the dangerous intersection of celebrity influence and decentralized finance.
Celebrity Crypto Endorsements Are A Trap
Let’s be real. You’re considering purchasing some fungible tokens from a new crypto project because an influencer promoted it on social media. That’s like picking your doctor based on who has the best Instagram filter. We, as adults, should know better. The promise of DeFi is a tantalizing one, putting more power in the hands of individuals to control their finances. With that power comes great responsibility. Unfortunately, too many of them are quick to shirk that duty and defer it to the closest star.
Think about it. How many people really grasp the technology behind it all, the tokenomics, the pitfalls of these celebrity-beloved ventures. Probably a fraction. So much so that once they get a whiff of Trump’s name—or any celebrity’s name—they rush to the trend. They fantasize about striking it rich overnight. That’s not investing; that’s gambling—with potentially devastating consequences. The TRUMP token — which after previously reaching $44.19 per token now trades at $11.20 — is one such vivid reminder of this market’s volatility.
And despite Trump pretending that he has no idea, the writing is on the wall – literally. It’s no wonder that Chainalysis just reported $900,000 in fees already generated for its venture backers over the first two days. $900,000! It’s not about whether or not he benefits, it’s about how he benefits. Here’s one example, though — CIC Digital LLC Every Last Dollar CIC Digital LLC has an outsized role in managing Trump’s NFT collection. Along with Fight Fight Fight LLC (80% owner), they control a large majority of the TRUMP token—this should be a huge red flag.
Ethical Vacuum In The Crypto Space
Where are the ethical guidelines? Where's the accountability? Celebrities jumping into crypto, usually without a clear idea of what it’s all about, are mostly just playing with fire. It is because they are enormously powerful. Their endorsements can manipulate markets and instigate pump-and-dump schemes, leaving average investors scared, angry, and holding the bag.
It’s not just Trump. We’ve heard about celebrities endorsing bad crypto projects, to the tune of millions of dollars and ruining countless lives, and probably inspired by the aforementioned disastrous project. Are they not duty bound to make sure that their followers know that they are making well informed choices? Absolutely. With great power comes great responsibility, and these celebrities are abdicating that responsibility in pursuit of an easy payday. It’s a moral failing, plain and simple.
This isn’t merely an attack on the TRUMP token — it’s an attack on apathy. The crypto space is experiencing a massive ethical black hole. In an era of hype and celebrity influence, this type of deep due diligence and responsible investing is too often drowned out.
We Need Real Regulation, Not Just Memes
The Readout from the White House inviting the top 220 TRUMP token holders to join the President for dinner? That’s not just tone-deaf; it’s actively harmful. At worst, it legitimizes a speculative asset. This creates a powerful precedent – that political connections and wealth are more important than fiscal prudence or accountability.
We need strong regulation, as much as we value memes and celebrity influencers. We deserve better rules on celebrity promotion of crypto. Let’s require them to be transparent and disclose their potential conflicts of interest. That’s why we need to spread the word about the dangers of crypto. Let’s help more newcomers get out there and ride—and make smarter choices along the way! We owe it to everyday people to hold celebrities accountable for the sort of financial havoc they’re capable of wreaking.
Stop falling for the hype. Do your research. Understand the risks. Demand transparency. And for the love of Satoshi, don’t make a celebrity endorsement your only justification for investing in anything. The future of DeFi depends on it. We must restore ethics and common sense to the tumultuous world of finance. Let’s proceed in a way that avoids these “unintended consequences” from unraveling the great promise of crypto! Enough with the fear, enough with the distraction. Let’s get back to real innovative, forward-thinking solutions.
