Trump's Memecoin Has No Utility: Cathie Wood
January 22, 2025
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2:01Now PlayingTrump's Memecoin Has No Utility: Cathie Wood
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as posted by the channelMemecoins are cryptocurrencies that begin with an internet meme or a joke. Speculative and volatile, they are held up by skeptics as proof that crypto will never compete with traditional finance.
So when Donald Trump and his family launched two memecoins to mark his return to the White House, some crypto executives suggested it would do their industry more harm than good.
Trump has promised to be a “pro-Bitcoin president,” in a reference to the most successful cryptocurrency.
The crypto industry poured money into his re-election campaign in the hope that he’ll end a regulatory crackdown that’s held back investment in the asset class.
Ark Invest CEO and CIO Cathie Wood discusses the "memecoin moment" Trump's coin is a part of, and says she thinks the coin has "little utility". She speaks with hosts Scarlet Fu, Katie Greifeld and Eric Balchunas on Bloomberg TV and Radio.
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