The $350 Million Question
And other stories from The Political Prism, along with a luxury comparison
In today’s newsletter, you’ll find the following:
An essay I recently wrote about Trump’s memecoin and the corruption it likely facilitates
A beautiful but gripping story from a Ukrainian author writing about her stolen homeland
The personal perspective of another writer on why he voted for Donald Trump; and
My latest video — a short movie comparing two great luxury hotels in a city we visited recently: Fort Lauderdale, Florida
Trump’s $350 million memecoin windfall
The Financial Times analyzed a crypto project Donald Trump launched ahead of his inauguration: the $TRUMP memecoin. It found that wallets associated with the project recently sold a large block of their holdings, netting some $350 million. Trump had previously hyped the memecoins on social media to millions of people.
The $TRUMP coin price plummeted following these market-moving sales, from a high of ~$75 to around $13 as of this writing. The related $MELANIA coin has fared even worse, down ~92% since it was launched a few days after $TRUMP.
You would think that investors would be furious. That people who invested (*cough* speculated *cough*) would be rioting outside the White House, but I can’t find anyone complaining. None of Trump’s loyal supporters on social media have said anything remotely critical, as if it’s totally normal for a sitting President to have a crypto project he quickly sold out of to generate $350 million, thereby cratering its market and leaving other investors holding the bag.
The most interesting question about this was not asked by the Financial Times or anyone else, at least as far as I can tell. It does not involve Trump’s conflicts of interest or his abuse of power by pumping and dumping this memecoin. It does not even relate to the (at least a few) retail investors who lost money.
The big question is: Who are the investors holding the bulk of the bag? Who effectively gave Trump and his team $350 million via a $TRUMP memecoin that has no utility apart from speculation? Bitcoin may have minimal utility, but at least it’s somewhat of an inflationary hedge for which there’s a bigger and more liquid market (although it’s not a safe haven, nor is it digital gold).
While many of the investors who lost money remain anonymous, which may be precisely the point, we do know at least one of them.
To read the entire essay for free, click here.
Memories of a Stolen Homeland
In the Medium publication I edit, The Political Prism, a Ukrainian author and political scientist recently submitted one of the most moving personal stories I’ve received in a while. The writer, Alice Hutova, grew up in the Donetsk region of Ukraine, which is now occupied by the Russian army.
I highly recommend reading her personal account of how a once multicultural area of Ukraine provided a breeding ground for Kremlin influence and imperialism: “The region seemed multinational and diverse, but it lacked a united cultural identity, a sense of belonging to something larger.”
Hutova discusses how Russia seized on this lack of cultural identity in Donetsk and how a passive civic society, filled with many who had grown up in the USSR where political participation was impossible, made it ripe for the taking.
Hutova also has great insights on the failures of past promises (including how Russia agreed to assist Ukraine if it gave up its nuclear weapons, which it did under the 1994 Budapest Memorandum). And she analyzes the current geopolitical situation, including how Ukraine and Russia can achieve a lasting peace, resulting in an essay that’s a powerful mix of personal storytelling and objective political science analysis.
Give it a read here on Medium.
I received a good essay from a Trump voter
In my last newsletter, I called for the following: “If you have a supportive take [of Donald Trump] that you can substantiate with quality sources in a long-form essay, I want to hear from you.”
I heard from a Trump voter. While I can’t say I agree with many of his points, he made them in a very genuine and articulate manner. There were no conspiracy theories or unsubstantiated points. Simply a different perspective from most of the political writing I publish at The Political Prism (where we try to celebrate a diversity of viewpoints).
Here are a few of my favorite quotes from his story:
“In fact, as a new writer on Medium who focuses on leadership, this article may hinder my ability to grow an audience. However, I know that I am not alone. Someone has to speak up reasonably and meaningfully, devoid of talking points, name-calling, and scathing rhetoric. That someone, today, is me.”
“I don’t need my heart surgeon to be my friend. I don’t need him to have a self-deprecating sense of humor or be the kind of person I’d want to have a beer with. I need him to be the best at what he does. Period.
That’s how I viewed Trump. He was not a leader who inspired me. He did not embody the virtues I want my son to emulate. But I believed he was the only candidate who could stop the country from making irreversible mistakes.”
To read the full story on Medium, click here.
On a lighter note…
I completed my final Fort Lauderdale video from our recent trip earlier this year. It’s comparing the hotel we recently stayed at (Four Seasons) with another great luxury option literally next door to it, The Conrad Hotel. Give it a watch!
Have a good day.
The Republican voter begs the question of whether or not it would have been possible or desirable for the GOP to put forth someone who both had good character and proven leadership skills.
Scrolled right down to the voting explanation, I'm always curious!
Respectfully to Matt, I think that's just an excuse for a poor vote.