Rampell: Trump’s Crypto Coin Is a ‘Very Convenient Way to Pay Off the President’

PHILLIP: “All right, so so tell us then your quick thoughts, Catherine, about what this all means for Donald Trump. I mean, to me, it‘s extraordinary that he would use his office, just before he is about to take it, to make billions of dollars.”
RAMPELL: “Yes. On the one hand, I think this is a massive scam of his own followers who are buying nothing, essentially, in the hopes that there will be a greater fool down the line to buy more. And right now, look, it‘s worth a lot, but they still need to be able — people want to cash out, they need to find a greater fool who will pay more. On the other hand, maybe they‘re somewhat shielded from downside losses because there will be a reliable source of individuals, companies and foreign governments that see this, see buying these coins, these tokens, as a very convenient way to pay off the president for favors. You know, if you‘re the Saudi government, you no longer need to pretend to stay at a Trump hotel in order to give money to Donald Trump to bribe Donald Trump. You can just show your digital wallet, and that is sufficient.”