Trump crypto soars as US president offers dinner to top holders

The price of Donald Trump’s cryptocurrency has soared after the US president promised to host two special events for its top investors.

The website for the $Trump meme coin says its 220 biggest holders will be invited to a private gala dinner with the president on 22 May, describing it as the “most EXCLUSIVE INVITATION in the world.”

According to crypto trading platform Coinbase, $Trump jumped by more than 70% after the announcement. But it remains well below the record high of more than $74 (£42.40) reached shortly after its launch in January.

The digital currency is one of several crypto-related ventures launched by businesses linked to Trump, who has called himself the “crypto president”.

As well as the gala dinner, which will be held at the Trump National Golf Club in Washington DC, there will be “an ultra-exclusive private VIP reception with the President” for the top 25 coin holders, the coin’s website said.

Trump tokens in circulation are currently worth a total of around $2.5bn. They were first released just days before his inauguration on 20 January.

The move was criticised by several people in the crypto industry, with some calling it “a stunt”.

First lady Melania Trump also launched a cryptocurrency on the eve of the inauguration .

Meme coins are often used by speculators to make money or to allow fans to show support to a celebrity or moment in internet culture.

Shortly after returning to the White House this year, Trump signed an executive order to create a presidential working group tasked with proposing new crypto laws and regulations.

He has also signed an order to create a Strategic Bitcoin Reserve as well as a Digital Asset Stockpile, which will include other digital currencies.

Those funds will be stocked with coins forfeited to the federal government as part of criminal or civil proceedings.

This week, Trump’s media company announced plans to launch exchange traded-funds (ETFs).

The financial products to be launched by Trump Media & Technology Group, owner of the Truth Social platform, and its partners will include digital assets as well as stocks with a “Made in America focus”.

ETFs are investment funds that hold multiple assets. They can be bought and sold in a similar way to shares.