Golden Statue of Donald Trump Celebrates Cryptocurrency
In a peculiar display celebrating the intersection of cryptocurrencies and political leadership, a colossal golden statue of former President Donald Trump clutching a Bitcoin was installed near the US Capitol on Wednesday. This event, orchestrated as part of a Pump.fun livestream, took place close to Union Square in Washington, DC, situated on the National Mall, just a mile from the White House.
Purpose and Timing of the Installation
According to the organizers, the intention behind the statue was to honor Trump’s commitment to advocating for Bitcoin and decentralized finance technologies. The timing of the statue’s unveiling coincided with the Federal Reserve’s decision to lower interest rates for the first time this year by 25 basis points, a move seen as favorable for high-risk assets like cryptocurrencies due to lower borrowing costs.
Trump’s Influence on Cryptocurrency
During his presidency, Trump gained favor in crypto circles, rallying significant financial support from the industry for his campaign. This past political support has since led to increasing financial interests in cryptocurrencies among Trump and his family, raising questions about potential conflicts of interest, especially as he rolled back regulations on the digital currency market.
Organizer’s Perspective
Hichem Zaghdoudi, one of the event’s organizers, shared with ABC 7News DC that the statue aimed to stimulate discussion about the future of government-backed currencies and represented a blend of contemporary politics and financial innovation. He emphasized the statue as a gesture of gratitude, stating, “This is to show everybody that without the president, we could never have had this mass adoption of Bitcoin and cryptocurrencies.”
Criticism and Context
Despite the celebratory tone of the statue’s message, critics might contend that Bitcoin has experienced a resurgence in value since late 2023, primarily under President Biden’s administration, driven by anticipation surrounding the approval of spot Bitcoin exchange-traded funds which have made the asset more available for institutional investors.
Details of the Statue
The organizers, opting to remain largely anonymous, reported that the 12-foot statue was crafted from “extremely hard foam,” enabling it to be lightweight for transport. They shared glimpses of the creation process on social media, showcasing a machine whittling the statue’s head and various individuals maneuvering it to its designated spot. One organizer expressed a hope that Trump would notice the installation, perhaps overlooking the fact that he is currently in the UK.
Previous Installations
Notably, this golden statue marks at least the third such installation related to Trump on the National Mall this year, though it is unique in its supportive message. Earlier in June, protest art depicting an eight-foot tall golden hand labeled “Dictator Approved” was unveiled, symbolizing criticism of the former president following a contentious military parade. Additionally, another artwork—a gilded television featuring a clip of Trump with Jeffrey Epstein—made an appearance, spotlighting the administration’s controversial decisions regarding the release of records related to Epstein.
