Former Coinbase CTO Balaji Srinivasan suggests Trump airdrop tokens to US citizens

Former Coinbase CTO Balaji Srinivasan Proposes Trump Token Airdrop to US Citizens

Balaji Srinivasan, former Chief Technology Officer of Coinbase, has suggested that President Trump consider airdropping Trump tokens to US citizens. In a comprehensive post, Srinivasan argues that this move could align Trump with the American public and boost his political support.

Trump: The First "Crypto President"

With the recent launch of the TRUMP memecoin, President Donald Trump has become the first sitting US President to endorse digital assets and the blockchain technology that underpins them. While the memecoin has sparked mixed reactions within the cryptocurrency community, it highlights Trump's growing interest in the crypto space.

Srinivasan's Airdrop Proposal

According to Srinivasan, Trump's decision to launch a memecoin could be seen as a conflict of interest. However, he points to precedents of political figures benefiting financially from questionable forms of compensation.

To align himself with the populace, Srinivasan suggests that Trump airdrop TRUMP tokens to every US citizen. He estimates that a $100 airdrop to the 77 million Americans who voted for Trump's reelection would cost approximately $7.7 billion. Alternatively, Trump could distribute $500 worth of tokens to each citizen, leaving him with a surplus of over $20 billion.

Srinivasan believes that such an airdrop would cement Trump's legacy by establishing a social contract between him and his supporters.

Trump's Crypto Net Worth

Srinivasan emphasizes that Trump now holds more than 90% of his net worth in cryptocurrency. He predicts that the wave of memecoins promoted by social media influencers and prominent figures could continue. However, he also highlights that Trump's memecoin, backed by his immense online presence and political power, could retain its value compared to other celebrity memecoins.

TRUMP Memecoin's Market Performance

At the time of writing, TRUMP is trading at around $58, ranking eighth among the largest cryptocurrencies by market capitalization. The memecoin has experienced a surge in value since its launch, overtaking PEPE to become the third-largest memecoin behind Dogecoin and Shiba Inu.

Trump's Crypto Policies

During the Bitcoin Conference 2024, Trump pledged to legitimize crypto assets, reversing the stance of the outgoing Biden-Harris administration. He also promised to establish a Bitcoin reserve for the US Treasury, signaling a transformative shift in the mainstream adoption of cryptocurrency.