President-elect Donald Trump’s new cryptocurrency token has made him a billionaire many times over, but concerns remain over the ethics of the plan given his presidency.

According to Axios, Trump’s cryptocurrency holdings have a book value of $58 billion, and combined with other assets, he may be among the world’s richest people.

On Friday, Trump announced the launch of the coin, which he called "$TRUMP," and invited his followers to "join my very special Trump Community." The cryptocurrency’s slogan is: “Join the Trump community. This is history in the making!”

Marketing material for the coin depicts Trump raising his fist after an assassination attempt last summer with the words "FIGHT FIGHT FIGHT" and Trump's signature superimposed on the image.

Created by CIC Digital LLC, an affiliate of the Trump Organization, the company has sold other Trump merchandise including the God Bless America Bible, Trump sneakers, cologne commemorating the assassination attempt and $10 Thousands of dollars in diamond watches, the token began trading at $10 each. Friday but reached $70 by Sunday morning, according to reports Associated Press. The Trump Meme website states that the Trump Organization owns 80% of cryptocurrencies and says they will slowly issue more cryptocurrencies over the next three years while profiting from "transaction revenue" generated from sales.

The website also includes a disclaimer saying cryptocurrencies are “not political and have no affiliation with any political movement or any political office or government agency.”

"The Trump meme is intended to express support for and engagement with the ideals and beliefs embodied in the '$TRUMP' symbol," it continued.

A legal disclosure statement says the tokens are not “an investment opportunity, investment contract or security of any kind.”

Trump, who repeatedly pledged to be a pro-crypto president during the 2024 campaign, defended him after the Biden administration's Securities and Exchange Commission Chairman Gary Gensler launched a legal crackdown on the cryptocurrency industry. Winning support and receiving millions of dollars in donations from Bitcoin and blockchain experts. Major cryptocurrency figures are informally advising Trump, and some are speculated to be shortlisted for key positions in his administration.

Trump made huge profits from his hotels and resorts during his first term and will make even more during his second time in the White House.

“This is essentially exploiting the presidency to make money — creating a financial vehicle so people can transfer money to the president’s family,” said Adav Noti, executive director of the nonprofit ethics group Campaign Legal Center. Funds related to the Office of the President.” new york times. "This is unprecedented."