Former Trump Plaza executive Jack O’Donnell has expressed concern over President Donald Trump’s involvement with cryptocurrencies, calling it a potential threat to national security.
Speaking to CNN’s Erin Burnett and author of the book Trumped The Inside Story of the Real Donald Trump, O’Donnell warned that Trump’s crypto initiatives could harm investors and be misused by foreign entities to gain influence.
The new President recently launched the TRUMP memecoin.
O’Donnell compared Trump’s cryptocurrency push to the junk bond sale that sent many small investors into financial distress in the 1990s. “Crypto memecoins are incredibly volatile,” O’Donnell said, adding, “They’re going to hurt a lot of the MAGA people because they’re going to buy his product like they did before and suffer the consequences of that volatility.”
The former executive noted that while cryptocurrencies are a growing market, they are among the most unpredictable commodities, exposing inexperienced investors to the risk of significant losses.
O’Donnell expressed deeper concerns about how Trump’s cryptocurrency initiative could pose a national security vulnerability, warning that the financial flows created by the crypto project could be used as a tool for foreign governments and wealthy individuals to gain influence.
“This is a great tool,” O’Donnell said. “A country can go and buy $10 million worth of Trump’s cryptocurrency and benefit directly from it. It’s incredibly dangerous from a national security perspective that Trump can be influenced so easily.”
*This is not investment advice.
