Here’s what you need to know if you’re not in DC or haven’t spent the weekend of your inauguration scrolling through Crypto Twitter.
- The Crypto Ball was held on Friday evening. Crypto industry leaders (and one or two journalists) wore black ties.
- Donald Trump started a $TRUMP memecoin halfway through the evening. It reached $1 billion in market capitalization before Snoop Dogg departed the stage.
David Sacks was the incoming Crypto Czar, Donald Trump Jr. nominee Scott Bessent for Treasury Secretary, and George Santos a convicted felon and former member of Congress.
House Speaker Mike Johnson and Sen. Cynthia Lummis made an appearance. Rep. Bryan Steil was also present, who is now the chairperson of the subcommittee on digital assets.
“The reign of terror against crypto is over,” Sacks made the statement during the one and only speech that night.
Snoop dogg, Rick Ross and Soulja Boy were the performers. The crypto bros wore black tie, with only Michael Saylor opting for bitcoin orange.
Tickets for the main events started at $2,500. They eventually reached $10,000, before they were sold out. VIP tickets cost $100,000. You could get four VIP seats plus dinner with Donald Trump if you paid $1,000,000. “at a later date.”
We need to dispel some myths regarding the event. “invite only” The event was run by MAGA Inc. and Bitcoin Inc., along with several sponsoring companies. The event was organized by MAGA Inc., Bitcoin Inc. as well as several sponsors.
To say that the memecoin is a good thing, would be an understatement. “no one at the ball knew about it” To say that would be false. Saying something is false “few people at the ball cared about it,” On the other hand would be more accurate.
The politicians, business executives, and ultra-rich were more interested to hear Snoop cover Fleetwood Mac. (I know, it’s an odd choice).
The majority of those in the room have political power, which is something that they are eager to acquire.
“I’d hardly say the people in this room are the target audience for a memecoin,” One industry executive told me. “[Trump] already has our money, and we have a seat at his table.”
Plus, it’s crypto. No need to use a computer.
It’s important to note that there were plenty of attendees at the event who weren’t pleased with $TRUMP. The reason they didn’t like Trump was not because of how he made them feel. “left out” — it’s because they think the memecoin gives crypto a bad name.
“This is a horrible look for the industry already trying to make the case that we’re not a bunch of hucksters, scammers and fraudsters,” One lobbyist spoke to Politico.
The market value of $TRUMP hovered just above $11 billion as Inauguration morning dawned.
The weekend was chaotic in DC, and I managed to get out just before it began. I will be keeping an eye on the situation from a distance to determine which of those gangs is responsible. “day one” Promis are fulfilled. The newsletter for tomorrow is not to be missed.
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