President-elect Trump launched his own cryptocurrency overnight and swiftly appeared to make more than $25 billion on paper for himself and his companies.
Why it matters: The stunning launch of $TRUMP caught the entire industry off-guard, and speaks to both his personal influence and the ascendancy of cryptocurrency in his administration.
- It also speaks to the nature of the crypto industry that someone could have $25 billion worth of something that literally did not exist 24 hours previously.
To be fair, “market cap” is also a bullshit metric for stocks. The market price only ever represents the price of the currently traded stocks. Just dump 20% of the stock of any large company on the market and see how well their “market cap” lasts.