Meme coin players placed a massive golden statue of President Trump holding Bitcoin (BTC) outside the U.S. Capitol during a live event on Pump.fun on Wednesday, paying tribute to the president who supports cryptocurrency.

The statue was installed across from Union Square in Washington, D.C., on the National Mall leading to Capitol Hill, about a mile from the White House.

According to the event's website, this is a tribute to Trump’s "steadfast commitment to promoting the financial future through Bitcoin (BTC) and decentralized technology."

The statue's unveiling coincides with the Federal Reserve's first interest rate cut of the year by 25 basis points. Typically, this is seen as a positive sign for risk assets like cryptocurrencies, as lower interest rates reduce borrowing costs.

Trump supported cryptocurrency during his presidential campaign, prompting the industry to heavily fund his campaign. The president and his family deepened their financial involvement in the crypto space during his administration, raising concerns about conflicts of interest. Additionally, Trump relaxed regulations on the industry.

According to one of the statue's organizers, Hichem Zaghdoudi, in an interview with ABC 7News DC, the statue "aims to inspire discussion about the future of government-issued currency and symbolizes the intersection of modern politics and financial innovation."

Zaghdoudi told DC News Now, "This is a declaration meant to show everyone that without a president, we cannot achieve the widespread adoption of Bitcoin (BTC), cryptocurrency, and all major institutions adopting Bitcoin (BTC)."

He added, "This represents the future, and it is also our thank you and statement to the president."

However, some argue that Bitcoin (BTC) has been in a bull market since the Biden administration took office at the end of 2023. The cryptocurrency has risen, driven by regulatory approvals and expectations for the launch of spot Bitcoin (BTC) exchange-traded funds, making it more accessible for institutional investors.

Most of the organizers of this promotional event remain anonymous, having created a meme coin on Pump.fun for the event and initiated multiple live streams to promote the token.

According to one organizer during a live stream on Tuesday, the statue is made of "extremely hard foam" for easy transport and handling.

Posts on the organizers' X (formerly Twitter) account show a machine carving the statue's head, with several people moving the statue to its designated location.

This golden Trump statue is at least the third Trump-related statue to appear on the National Mall this year, but it seems to be the first statue supporting the president.

In June, an 8-foot (2.4-meter) tall statue called "Dictator Approved" appeared on the Mall, depicting a giant golden hand giving a thumbs up while crushing the Statue of Liberty's crown, protesting Trump's controversial military parade days earlier.

Later that month, a golden television adorned with a bald eagle debuted, playing a video of Trump dancing with convicted sex offender Jeffrey Epstein, set against the backdrop of the controversy surrounding the Trump administration's declassification of the "Epstein Files."

Related: Solana shows bullish signals again, with a similar historical pattern triggering a 1300% surge in SOL.

Original article: “Meme coin players erect 12-foot golden Trump Bitcoin (BTC) statue near the U.S. Capitol”

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