Former Coinbase CTO Balaji Srinivasan suggests Trump airdrop tokens to US citizens

Former Coinbase CTO Balaji Srinivasan has suggested that Trump airdrop some Trump tokens to US citizens. Srinivasan explained in a long post that Trump needs to be aligned with US citizens, suggesting that the airdrop move could accelerate Trump’s political support.

Incoming US President Donald Trump is the first US president to endorse digital assets and the blockchain ecosystem that supports them. His recently launched memecoin, TRUMP, has now generated a wave of opinions within the crypto community. 

Balaji Srinivasan proposes a TRUMP airdrop for all US citizens

FIRST CRYPTO PRESIDENT

Overnight, the vast majority of the net worth ($59B) of the next President of the United States is now held in cryptocurrency. This will hold true even with a 90% drop.

What are the implications?

1) First, President Trump just went from crypto being… https://t.co/yh3bSytZx4

— Balaji (@balajis) January 19, 2025

According to Coinbase’s Srinivasan, Trump’s move to launch his memecoin could be branded as a conflict of interest. However, he referenced other popular political figures that have benefited financially from various deniable forms of payola for Democrats.

Srinivasan expressed his opinion on steps that Trump may take to align himself with the populace. He mentioned that Trump could airdrop some TRUMP tokens to every US citizen. 

Srinivasan said that Trump could airdrop $100 of locked-up TRUMP tokens to the 77 million Americans who voted for his reelection. He detailed that the airdrop would only cost Trump $7.7 billion based on valuations at the time of his post. 

Coinbase’s Srinivasan also suggested that Trump could still give out $500 worth of airdrops to every US citizen and still have more than $20 billion left. The crypto mogul explained that the airdrop could cement Trump’s reign by establishing a social contract between him and his supporters.

Trump holds more than 90% of his net worth in crypto

Balaji Srinivasan, the former CTO of Coinbase and a popular tech entrepreneur took to X to express his views on Trump’s development in the crypto hemisphere. According to the former Coinbase executive, Trump is the “FIRST CRYPTO PRESIDENT.” He also referenced Trump’s recent memecoin involvement in the crypto industry, with the crypto portion of his portfolio increasing from 1% to over 90%.

The tech enthusiast explained that Trump’s memecoin could initiate a wave of new memecoins designed, developed, and promoted by social media influencers and prominent political figures. Srinivasan said that the wave could be a positive phenomenon because buyers will know what they are buying into and could be investing in the potential future brand value of the meme.

According to Srinivasan, Trump’s memecoin could hold its value over time compared to other celebrity memecoins that went to zero quickly. The crypto enthusiast highlighted that Trump’s project may be different since Donald Trump has unique qualities compared to other celebrities. 

Some of the aspects that could sustain TRUMP’s value include the president’s massive online presence with more than 100 million followers across his social media platforms, presidential immunity, and unprecedented control over the US government.

TRUMP memecoin ranks third among the top largest memecoins by market cap

At the time of this publication, TRUMP is trading at about $58 and ranks 8th in CoinMarketCap’s list of top cryptocurrencies by market capitalization. The memecoin is up 783% in the last seven days but has dipped by 10% in the last 24 hours. The memecoin has amassed a market capitalization of 11.5 billion since its official debut days ago and a 24-hour trading volume of $50.4 million. 

The memecoin overtook PEPE to become the third-largest memecoin by market cap, behind Dogecoin and Shiba Inu. The launch caused a ripple effect on other memecoins that have also registered significant gains. Dogecoin is up 17.15% in the last seven days, while Fartcoin surged by 214% in the same timeframe. 

According to his remarks during the Bitcoin Conference 2024, Trump promised to legitimize crypto assets, an industry that the outgoing Biden-Harris administration condemned. Trump also promised the crypto community that he would establish a Bitcoin reserve for the US Treasury, marking a transformative shift in Bitcoin’s mainstream adoption.

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