President-elect Trump launched his own cryptocurrency overnight and swiftly appeared to make more than $25 billion on paper for himself and his companies.
Why it matters: The stunning launch of $TRUMP caught the entire industry off-guard, and speaks to both his personal influence and the ascendancy of cryptocurrency in his administration.
- It also speaks to the nature of the crypto industry that someone could have $25 billion worth of something that literally did not exist 24 hours previously.
The reason that bank transactions take days to finalize is because of regulatory compliance. The actual money can be moved in seconds.
I don’t know if you can reasonably cite “bypassing regulatory compliance” as a “legitimate” use case for something.
I live in the UK. Here, and in most of the EU, electronic fund transfers clear in a few seconds. They reason they don’t in the US is because the banking oligopoly has retained an archaic clearing system. The regulatory compliance checks in the UK are still there, the US system is just slow. It still runs in batch mode on coal-powered mainframes.
Sorry, I should have clarified that I was referring primarily to international transfers, since that’s the preferred example of advocates.