Peter Schiff: 'TRUMP' memecoin is a tool for bribery

Cryptocurrency skeptic Peter Schiff has described the memecoins TRUMP and MELANIA as tools for bribery rather than legitimate assets, designed to capture the attention of U.S. President Donald Trump. Speaking on a recent podcast, Schiff claimed that most investors in these tokens have lost money, BeInCrypto reported. He pointed to an event Trump hosted at the White House for large holders of the memecoin as evidence that it serves as an indirect bribe. Schiff added that only the Trump family profited from the memecoins, while the majority of investors lost their funds. Meanwhile, previous reports based on Trump's financial disclosures from last year indicated he had earned over $1 billion from the sale of tokens, including TRUMP and World Liberty Financial (WLFI).