'No intrinsic value': CNN reporter breaks down Trump's crypto scheme
CNN business reporter Matt Egan on Tuesday expressed incredulity that President Donald Trump launched his own cryptocurrency just days before taking office.
During an interview with CNN's Kate Bolduan, Egan emphasized the unprecedented nature of Trump's decision to launch his own digital meme coin, which in theory allows foreign governments to put money directly into his pockets.
"This was one of the most stunning headlines from the past few days, the president and the first lady launching their own meme coins," he said. "They skyrocketed in value, instantly gathering billions, tens of billions of dollars in value. So for all of our viewers at home who maybe haven't launched their own meme coins yet, these are cryptocurrencies... they're inspired on internet or cultural trends, but there's really no intrinsic value or utility behind them. They just sort of exist to exist, they trade on momentum, they go up and down dramatically."
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Egan then laid out the ethics concerns being raised about the president launching his own cryptocurrency.
"This is raising some concerns, for obvious reasons, among ethics experts," he said. "Because the president was elected with a lot of support from the crypto industry, he has promised to make America the crypto capital of the whole entire world. And so now he's in a situation where he's going to preside over how the United States regulates crypto, while potentially profiting off of the value of his own cryptocurrency."
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