United States President Donald Trump on May 22, hosted what was billed as “the most exclusive” crypto party for around 220 of the biggest investors in his meme coin $TRUMP. But the word days later is that it was a failure.
The biggest investors in $TRUMP were invited to the US president’s luxury golf club in Northern Virginia for dinner, where Donald Trump made a speech and danced to YMCA, according to an AP report. While the White House said it was not an official event, Donald Trump stood behind a lectern with the presidential seal on front when he spoke, the report added.
Meme coin dinner: Donald Trump says ‘very good’
At the dinner, the top 25 were awarded private reception with Donald Trump and the top four given $100,000 crypto-themed and Trump-branded watches. Notably, no media was allowed to the event, and some of the participants used their real names, while others used pseudonyms.
Speaking to reporters on his return to the White House, Donald Trump said the event was “good, very good”.
At time of writing, $TRUMP meme coin was trading at $12.77, with market capitalisation of $12.77 billion, according to data on CoinMarketCap. This is down from the $16 price on May 21 ahead of the meme coin dinner.
‘Food sucked, security was lax’, says attendee
Speaking to CNBC, 25-year-old Nicholas Pinto, who arrived in his dad’s Lamborghini said the party was underwhelming and he left still hungry.
“The food sucked. (I) wasn’t given any drinks other than water or Trump’s wine. I don’t drink, so I had water. My glass was only filled once,” Pinto recounted.
He added that Donald Trump only made a brief appearance and did not speak to everyone, only “maybe the top 25”, adding that his speech rehashed old crypto talking points, took no questions or pictures and left on a helicopter.
“Phones weren’t locked in RFID pouches, and security was lax. Once Trump left, they didn’t really worry about anything else. Lots of people didn’t even hold the coin anymore. They were checking their phones during dinner to see if the price moved,” he added.
Pro-Trump crypto leaders turning sour?
But it seems as if the gesture was insufficient for the crypto industry, as even some pro-Donald Trump leaders are now expressing worry that the US president’s personal profits may supercede industry requirements.
Nic Carter, a Trump supporter and partner at the crypto investment firm Castle Island Ventures told AP, “It’s distasteful and an unnecessary distraction. The president is hugging us to death. We would much rather that he passes common sense legislation and leave it at that.”
Till time of writing, CNBC and AP said they could not get a response from Trump’s representatives on the party and attendees.
Conflict of interest a looming spectre
James Thurber, an American University professor emeritus who studies corruption around the world told AP, “He’s becoming a salesman-in-chief. It allows for huge conflicts of interest.”
Since taking office, Donald Trump has signed executive orders promoting the industry, including calls to create a government bitcoin reserve. In March, Trump convened the first cryptocurrency summit at the White House.
Speaking to the press via phone, Connecticut Democratic Senator Richard Blumenthal, criticised the gathering, saying that it “in effect, putting a ‘for sale’ sign on the White House. It’s auctioning off access.”
