Noahpinion

Crypto is, in fact, about sending people money.

A lot of crypto folks weren’t too happy about TRUMP and MELANIA, believing that a stunt like this could undermine the respectability of crypto in general. Their interest in the matter is very simple to understand. Most crypto people — like me — hold Bitcoin, and probably Ether too. If crypto gains respectability and wide adoption by financial institutions, pension funds, etc., demand for Bitcoin and Ether will increase by a lot. This will cause BTC and ETH to go up enormously in price, enriching pretty much everyone in the entire crypto ecosystem.

On the other hand, the launch of new “memecoins” doesn’t enrich the average crypto holder. Yes, you can buy these coins and hope to make a profit. One bold and lucky investor turned $1 million into $120 million investing in TRUMP (though that number could go down if he holds onto it and it crashes). But in general, new memecoins like TRUMP and MELANIA don’t enrich crypto people nearly as much as increased adoption for the existing coins that they already own.