Six years after being released, the TrumpCoin cryptocurrency has caught the attention of the Trump family, which is threatening to sue the creators for using their name.
"This has NOTHING to do with our family, we do not authorize the use and we are in no way affiliated with this group. Legal action will be taken," Eric Trump wrote on Twitter this week.
On its website, TrumpCoin explicitly points out that it has no affiliation with the Trump family or name, and says the use of the name does not imply endorsement of President Trump or his political campaign.
TrumpCoin was launched during the 2016 election campaign, and claims to be “a cryptocurrency created by patriots for patriots around the world.”
Although TrumpCoin reached an all-time high of $2.92 in March 2020, it is currently trading at a price of $0.22, according to CoinGecko data.
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Former president Donald Trump reportedly has a negative outlook on cryptocurrencies. He has famously called Bitcoin "a scam against the dollar," claiming that the U.S. dollar should be "the currency of the world."
"Bitcoin, it just seems like a scam," Trump said last June. "I don't like it because it's another currency competing against the dollar."
Despite the harsh stance, some of the Trumps have embraced crypto entrepreneurship. Former U.S. First Lady Melania Trump ended an underwhelming NFT auction Wednesday evening and announced $170,000 in sales. It marked her second NFT sale in recent months.
Recently, multiple altcoin projects have seen a price increase of more than 40%, according to data from Cointelegraph Markets Pro and TradingView.
Currently, cryptocurrency's overall market capitalization is at $1.734 trillion.