Value Of Trump Related Cryptocurrency Drops Like A Rock

For some reason, opponents of President Joe Biden opted to seize on the phrase “Let’s go Brandon!” as a supposedly clever — or something — stand-in for the phrase “Fuck Joe Biden!” after a reporter mistakenly heard a chant of the latter as the former following a NASCAR race. A cryptocurrency that carried the phrase and whose creators were at one point on track to sponsor the car of NASCAR driver Brandon Brown — who was being interviewed when the unfortunate reporter misheard that chant — has now essentially fallen off a cliff in terms of its value, a new report from The Daily Beast explains.

Really great story on Trump using the ex-presidency to make money, including a fundraiser-style party that turned out to be a fundraiser for…Trump’s wallet. By @ShaneGoldmacher and @EricLiptonNYT.

— David Fahrenthold (@Fahrenthold) February 14, 2022

Now, the publication reported based off a couple of trading sites that as of this Sunday “the value of all 330 trillion coins totals just a few thousand dollars combined… a far cry from the days of pro-Trump investors believing they could strike it rich in the ever-complex world of crypto.” That value “represents a 99.5 percent decline over the last 30 days, leaving a singular LGB coin effectively worthless,” the outlet adds — all despite the fact that Republican figures from Congress and beyond have touted the phrase in some form. Republican officials to do so include Sen. Ted Cruz (Texas), Florida Governor Ron DeSantis, and Rep. Bill Posey (Fla.) — none of whom exactly represent models of reaching across the aisle to begin with. The eventual collapse of the value for the “Let’s Go Brandon” crypto coin unfolded after NASCAR rejected the sponsorship deal that had been set up between the coin’s creators and Brown’s team.

.@chrislhayes: “I wonder why the Trump administration was actively moving, shredding and destroying records, including those related to the investigation into Jan. 6?”

— MSNBC (@MSNBC) February 14, 2022

Another vantage point of the cryptocurrency’s value is its so-called liquidity pool, which The Daily Beast explains as “a large pool of liquid cash flow that the exchange can use if investors want out of their positions, even if there isn’t a buyer on the other side of the table.” Recently, the value of that pool for the “Let’s Go Brandon” coin hit $6.5 million — but now, it’s at less than $10,000. Attorney David Silver, who works on cryptocurrency-related issues, told The Daily Beast that he wasn’t at all shocked about the outcome of this endeavor. As he observed, the coin’s creators “tried to monetize on a viral outbreak. Did it surprise me when something without value shot up and immediately shot down upon release? No.” The thing is, though… those behind the coin haven’t abandoned it yet. They even unveiled what they called a “re-launch” of the coin, although there’s no apparent indication that this scheme was poised to change the fundamental issues that drove the original dramatic fall in value.

When someone with Donald Trump’s track record has a habit of ripping up documents, it warrants an investigation. What exactly was the extent of Trump’s failure to transfer documents to NARA?

— Citizens for Ethics (@CREWcrew) February 14, 2022

The post appeared first on Bipartisan Report.

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