CNN Journo Issues Grim Warning to Hunter Biden Over ‘Really Stupid’ Laptop Meme Coin

CNN senior business reporter Matt Egan warned viewers to think twice before plowing their life savings into Hunter Biden’s new laptop-themed meme coin during a Tuesday morning segment on CNN News Central.

Egan showed that Biden may not be the first political figure to launch a meme coin, but the results haven’t been pretty for investors so far.

He pointed out President Donald Trump’s meme coin is down 97% from its all-time high of $75.35, First Lady Melania Trump’s meme coin is down 99%, and former New York City Mayor Eric Adams’ coin is down 87% from its high; Biden’s coin could be the next to go up in smoke, he cautioned.

“A lot of crashing and burning for the politically-themed meme coins,” Egan said. “And I think this helps explain why Matthew Tuttle, Wall Street executive, he told me that, ‘Yeah, these meme coins can be amusing, but he said they’re really stupid. Investors should just stay away, because they’re just too dangerous.'”

That came a moment after Egan said, “One thing to remember about meme coins is that they are susceptible to a con job known as ‘rug pulls,’ where the developers, they pump up the value, but then they step away, leaving investors with massive losses.”

His report comes a day after Biden announced he was launching his “$LAPTOP” coin on Wednesday. The name of the coin obviously pokes fun at what Trump and others have called Biden’s “laptop from hell,” which was reported by the New York Post in October 2020 and immediately censored by Twitter.

The Wall Street Journal reported “20% of the supply will be sent, in two batches, to crypto wallets belonging to people who lost money on $TRUMP, the president’s meme coin, subscribers to Hunter Biden’s Substack and a mailing list curated by his friend Andrew Callaghan, a video journalist.” Biden and other owners of the coin will hold 30% of coins issued, the report added.

While MAGA haters may want to grab some Biden coins, Egan again warned political meme coins tend to be worthless.

“Remember, meme coins — they are tradable securities, they’re based on viral sensations, internet memes, but what’s important to remember is they have no intrinsic value,” he said. “And unlike Bitcoin and Ethereum, there’s actually no practical real-world purpose for them.”

Watch above via CNN.

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