US President Donald Trump's crypto empire has taken a shocking turn, with one of his backed companies promoting a cryptocurrency with a name that left many in the industry scratching their heads. Shit Piss Skin Can ($SPSC) jumped over 300% in price after World Liberty Financial tweeted about it on Monday.
For those unfamiliar, the name is inspired by a rant from 2018 by crypto influencer Chase Herro, who joked about selling "shit in a can, wrapped in piss, covered in human skin" for a billion dollars. The original video where Herro made this comment has since been set to private but was played on MSNBC in 2024.
Herro's involvement with the Trumps is no coincidence. He was introduced to them by Steve Witkoff, the president's current Russia-Ukraine peace negotiator, who is also facing allegations of coaching Russia on how to sell its version of a peace plan to Trump.
The promotion has left many in the crypto community aghast, with some describing it as "insulting" and "bizarre." Meanwhile, Bitcoin's price has plummeted 22% over the past month, and other cryptocurrencies have followed suit. Tether, the world's most popular stablecoin, has also seen its stability rating lowered to 5 out of 5.
The situation is particularly concerning given that World Liberty Financial's fortunes are tied to those of Donald Trump, whose net worth has reportedly taken a hit in recent months. The entire crypto industry remains unregulated and prone to volatility, making it clear that the days ahead will be far from rosy.
For those unfamiliar, the name is inspired by a rant from 2018 by crypto influencer Chase Herro, who joked about selling "shit in a can, wrapped in piss, covered in human skin" for a billion dollars. The original video where Herro made this comment has since been set to private but was played on MSNBC in 2024.
Herro's involvement with the Trumps is no coincidence. He was introduced to them by Steve Witkoff, the president's current Russia-Ukraine peace negotiator, who is also facing allegations of coaching Russia on how to sell its version of a peace plan to Trump.
The promotion has left many in the crypto community aghast, with some describing it as "insulting" and "bizarre." Meanwhile, Bitcoin's price has plummeted 22% over the past month, and other cryptocurrencies have followed suit. Tether, the world's most popular stablecoin, has also seen its stability rating lowered to 5 out of 5.
The situation is particularly concerning given that World Liberty Financial's fortunes are tied to those of Donald Trump, whose net worth has reportedly taken a hit in recent months. The entire crypto industry remains unregulated and prone to volatility, making it clear that the days ahead will be far from rosy.