When it comes to $TRUMP ($15.46), the token President Trump released on the Friday before his Monday inauguration, investor Arthur Hayes sees more than just another memecoin.

A popular blogger and chief investment officer of Maelstrom, Hayes argues in his latest post that $TRUMP’s presidential provenance gives it far more utility than a typical financial contrivance.

In $TRUMP, Hayes sees multiple functions: a predictor of Bitcoin’s price movements, a tool for campaign fundraising, and a replacement for traditional polling, among other possibilities.

Each, he contends, represents a new paradigm for crypto markets worldwide.

“Trump, in one master stroke, just enacted campaign finance reform, and I don’t think he even knows it,” Hayes wrote.

He argues that building a community of loyal supporters is easier when everyone stands to benefit financially from political success.

Whether those who speculated on $TRUMP actually profited remains a matter of debate.

Beyond this, Hayes believes politically linked memecoins could serve as real-time indicators of a politician’s popularity.

“Political memecoins offer zero-knowledge proof of political popularity,” he wrote.

“As an individual, you can now privately support a politician by purchasing their memecoin—one your friends may abhor—without facing social stigma. This gives politicians a more accurate measure of public sentiment.”

Finally, Hayes argues that $TRUMP’s market performance—likely monitored by Trump himself—could act as a barometer for Bitcoin’s movements.

“I believe that if crypto sentiment is improving, $TRUMP will lead Bitcoin,” he wrote.

“If insiders believe an upcoming policy will positively impact crypto, $TRUMP will surge before the news is announced—then Bitcoin will follow.”

Crypto market movers

• Bitcoin has gained 0.5% over the past 24 hours to trade at $97,420.
• Ethereum is down 0.1% on the day to $2,700.

What we’re reading

• XRP ($2.20) ripped after SEC acknowledgment. These other three factors are driving its price ― DL News
• Trump Is Having Second Thoughts About His Crypto Council ― Unchained
• What the hell just happened?? ― Milk Road
• Coinbase says crypto’s ‘new era’ also means more rivals as earnings smash targets ― DL News

Andrew Flanagan is a Markets Correspondent for DL News. Got a tip? Email at aflanagan@dlnews.com.