Donald gets rekt: ‘President Trump’ crypto plunges 82% in a day

A cryptocurrency called President Trump (PRES) plunged 82.12% in value today.

The token, named for the divisive 45th US President Donald Trump, operates on the Omni platform and is worth $0.004518 at the time of writing.

It has a current circulating supply of 57,968,072,167 PRES.

Information on the currency is scant, but it is notable that it only trades in fiat. A Twitter account linked to it, @Pres_Coin, tweets stories both criticising and praising Trump.

The US president has said little about cryptocurrencies in the past. In October, he ordered the creation of a task force to investigate financial fraud, with a focus on cryptocurrency crimes as well as digital asset fraud and cybercrime.

The new force will replace the Financial Fraud Enforcement Working Group created by former President Barack Obama in November 2009 after the financial crisis.

In December, Ohio congressman Warren Davidson proposed ‘WallCoin’ as a crowdfunding solution to President Donald Trump’s controversial proposed wall on the US-Mexico border.

During an interview with NPR, the Republican congressman revealed how a private funding programme where “the American people, or whomever should choose to donate” would be able to fund the wall’s construction.

Crypto foundation

Davidson added: “You could do it with sort of like a crowdfunding site or you could do a blockchain and you could have WallCoins, but you could raise the money, and frankly if we get it right at the Treasury you could even pay with Mexican pesos.”

In January, Roberto Escobar, brother of deceased drug kingpin Pablo Escobar, launched a GoFundMe campaign to raise $50 million in a bid to impeach President Trump.

He claims GoFundMe pulled it and has now decided to continue fundraising efforts with the introduction of Escobar, an Ethereum ERC-20-based stablecoin pegged to the dollar.