Galaxy CEO Michael Novogratz said that President Donald Trump launching a meme coin felt “foolish.”
The billionaire crypto investor made the remark while speaking to crypto entrepreneur Anthony Pompliano at Bitcoin Investor Week in New York.
Novogratz claimed that the TRUMP meme coin launch was met with disbelief by industry leaders at the crypto ball. The crypto industry had worked hard over the past eight years, so Trump’s decision felt “a little foolish.”
Nonetheless, the Trump administration is “categorically good” for the crypto sector, Novogratz said. “Sometimes you got to take the good with the bad.”
Trump launched the eponymous meme coin on Jan. 17 when industry leaders were enjoying themselves at an unofficial ball put on by crypto companies to celebrate the election victory.
This was three days before his inauguration as the President of the United States on Jan. 20. The meme coin’s price surged over 300% overnight to over $73 before tanking.
On Jan. 19, Trump's wife Melania also launched an eponymous meme coin. MELANIA also tanked before recording a modest price hike.
These meme coins belong to a category called Political Finance (PolitiFi) coins, i.e., meme coins inspired by political figures.
Other political figures such as former president Joe Biden, former vice president Kamala Harris, and Trump’s senior advisor and tycoon Elon Musk have also inspired meme coins. However, none of these meme coins have been officially launched by these figures themselves.
Meme coins launched by the Trump family have therefore been criticized for the alleged conflict of interest.
At press time, TRUMP was trading at $11.4 more than 85% lower from its all-time high (ATH) of $73.43.