Podcast Summary: Everybody’s Business - "Did the Trump Memecoin Kill the Crypto Boom?"
Podcast: Everybody's Business by Bloomberg and iHeartPodcasts
Episode Date: December 19, 2025
Host(s): Max Chafkin & Stacey Vanek Smith
Guest(s): Zeke Fox (Bloomberg crypto reporter), Amanda Mull (Businessweek columnist), Brett Vergara (tech worker)
Focus: The intersection of crypto coins and US politics in 2025—with a deep dive on the Trump memecoin phenomenon and its ripple effects in both the financial and political worlds.
Main Theme / Purpose
This episode takes a close look at the wild ride of crypto in 2025, centering on Donald Trump and Melania Trump's launch of personal "meme coins," and asking: did the spectacle of the Trump memecoin fuel or kill the broader crypto boom? The hosts unravel how former President Trump and his allies’ moves reshaped both the regulatory landscape and the speculative culture around digital assets. Additional segments discuss economic trends, buy now/pay later loan booms, and shifting ideas about age in sports—and the workplace.
Key Discussion Points & Insights
1. US Economy & Job Market Check-in
(03:05–07:18)
- Mixed Economic Data Post-Shutdown:
- Unemployment crept up to 4.6%. More workers hold multiple jobs than any point in the past 25 years (5.7%).
- “The job market is a little bit dead…The only sector that’s like really hiring this year was health care. Everything else almost was shedding jobs.” — Stacey Vanek Smith (04:10)
- Unemployment crept up to 4.6%. More workers hold multiple jobs than any point in the past 25 years (5.7%).
- Worker Anecdote:
- Tech worker Brett Vergara describes applying into "the void" and the emotional toll of near-instant AI-powered rejections.
- “It’s always fun too when you get a rejection like immediately after applying...it does have the power to completely ruin your day.” — Brett Vergara (05:08)
- Tech worker Brett Vergara describes applying into "the void" and the emotional toll of near-instant AI-powered rejections.
- Layoff Fatigue & Competition:
- Highly skilled applicants flood a shrinking job market, “competing against all those people immediately.” — Brett Vergara (06:36)
- Outlook:
- Mild optimism for 2026 due to improving inflation, though data is muddled post-government shutdown.
2. Buy Now, Pay Later (BNPL) Lending Boom
(09:46–21:23)
- What is BNPL?
- Amanda Mull explains BNPL: essentially short-term, often interest-free microloans at retail checkout, rapidly approved algorithmically.
- “Buy now, pay later...is like a fintech type of business. They specialize in basically what is like short-term microloans.” — Amanda Mull (10:21)
- Amanda Mull explains BNPL: essentially short-term, often interest-free microloans at retail checkout, rapidly approved algorithmically.
- Consumer Trends & Concerns:
- 91 million US users, mostly young, single, and sometimes with shaky credit. Growing tendency to use BNPL for very small purchases—“burrito-backed securities.”
- “That same LendingTree survey found that it was 41% of buy now, pay later borrowers in the last year had missed a payment. Wow.” — Amanda Mull (16:37)
- 91 million US users, mostly young, single, and sometimes with shaky credit. Growing tendency to use BNPL for very small purchases—“burrito-backed securities.”
- Risk Factors:
- Missed payment rates are soaring (41% in 2025, up from 31% in 2023), though default rates remain under 3%. Lack of transparency in the debt market.
- “It’s kind of a red flag…how much debt exists in this form…is just sort of difficult to discern.” — Amanda Mull (20:26)
- Missed payment rates are soaring (41% in 2025, up from 31% in 2023), though default rates remain under 3%. Lack of transparency in the debt market.
3. Crypto and Politics Collide: The Trump Memecoin Saga
(24:13–39:42)
Crypto’s Regulatory Crossroads
- Crypto Industry’s Political Fix:
- Faced with stifling lawsuits, the industry throws immense financial support at political candidates—spending more on the last election cycle than any other industry.
- “The crypto industry actually spent more on the last election cycle than any other industry. Even, like, oil...They spent 150 million.” — Zeke Fox (26:56)
- Faced with stifling lawsuits, the industry throws immense financial support at political candidates—spending more on the last election cycle than any other industry.
Trump Embraces, and Profits from, Memecoins
- The “Crypto Ball” & Trump Coin Debut:
- On inauguration weekend, Trump announces Trump Coin at a “crypto ball.” Meme coins defined as tokens with no underlying value—just speculation.
- “A meme coin is a coin that transparently does not do anything…it’s just saying, ‘Hey, here I am. It’s kind of fun. If people buy it, it will go up.’” — Zeke Fox (30:12)
- On inauguration weekend, Trump announces Trump Coin at a “crypto ball.” Meme coins defined as tokens with no underlying value—just speculation.
- The Melania Coin Twist:
- Shortly after, Melania Trump launches her own coin—crashing both.
- "When Melania crashes, Trump coin goes down too. Trump coin is down about 90%...Melania coin is down 99%." — Zeke Fox (33:43)
- Shortly after, Melania Trump launches her own coin—crashing both.
- Market Dynamics:
- Community outrage wasn't rooted in ethical concern, but in the breach of meme coin “attention economics”—Trump was accused of “rugging” holders by steering hype to Melania’s coin so soon after his own.
Financial Impact & Legal Ambiguity
- Trump Family Haul:
- On paper, the Trumps briefly sat on $50 billion in meme coin value. Research puts their realized earnings at $350 million.
- "The Trump family made more than $350 million off these two meme coins combined. And that's a lot." — Zeke Fox (38:13)
- On paper, the Trumps briefly sat on $50 billion in meme coin value. Research puts their realized earnings at $350 million.
- Legal & Ethical Lapses:
- No real legal precedent for meme coins by politicians; ambiguity (and a sense of impunity) reigns.
- "There are no rules about meme coins. I couldn't even tell you why a president-elect’s meme coin is better than a president's meme coin, legally speaking." — Zeke Fox (31:45)
- No real legal precedent for meme coins by politicians; ambiguity (and a sense of impunity) reigns.
- Notable Moment:
- When pressed at a press conference, Trump seemed to not even know his total haul, laughing it off and comparing it to Musk’s wealth (38:48).
Industry & Political Fallout
- Conflicted Reactions:
- Some in crypto disliked the optics, but trading platforms still listed the Trump coins. Others see it as aligning Trump’s interests with the industry’s deregulation agenda.
- "Now he's in on it himself...he's better deregulate crypto." — Zeke Fox (36:48)
- Some in crypto disliked the optics, but trading platforms still listed the Trump coins. Others see it as aligning Trump’s interests with the industry’s deregulation agenda.
4. Underrated Segment: Age in Professional Sports (and the Workplace)
(45:30–50:47)
- Elderly Quarterbacks & “Gerontocracy”:
- 44-year-old Philip Rivers returns as an NFL starter, sparking debate on age and performance.
- “There's something just sort of fun...about an out of shape professional athlete.” — Max Chafkin (46:48)
- “I think there is a place for zoomers and a place for boomers in the same workplace...I think we should honor older workers. I think older workers have a lot to contribute.” — Stacey Vanek Smith (48:08)
- 44-year-old Philip Rivers returns as an NFL starter, sparking debate on age and performance.
- Startup Success & Age:
- The most successful US startups are run by founders in their 40s—not twentysomethings.
- “The most successful startups were started by people in their 40s.” — Stacey Vanek Smith (49:27)
- The most successful US startups are run by founders in their 40s—not twentysomethings.
Notable Quotes & Memorable Moments with Timestamps
- On the Job Market’s Mood:
- “When you’re just applying into the void and never hearing anything…it does have the power to just completely ruin your day.”
— Brett Vergara, 05:08
- “When you’re just applying into the void and never hearing anything…it does have the power to just completely ruin your day.”
- On the BNPL Explosion:
- “Over a billion in E commerce spending was done via Buy Now, Pay later services in the US which is the first time it's cracked a billion dollars in a day.”
— Amanda Mull, 17:52
- “Over a billion in E commerce spending was done via Buy Now, Pay later services in the US which is the first time it's cracked a billion dollars in a day.”
- On Meme Coin Chaos:
- “A meme coin is nothing…there’s never any expectation…The only thing he [Trump] can do is talk about it.”
— Zeke Fox, 34:17 - “When he started talking about his wife’s coin…this is kind of like a breaking of the implicit contract with your meme coin buyers.”
— Zeke Fox, 34:48
- “A meme coin is nothing…there’s never any expectation…The only thing he [Trump] can do is talk about it.”
- On the Trump Family’s Crypto Wealth:
- “On paper, the Trumps at one point were sitting on $50 billion of meme coins.”
— Zeke Fox, 37:35 - “The Trump family made more than $350 million off these two meme coins combined. And that's a lot.”
— Zeke Fox, 38:13
- “On paper, the Trumps at one point were sitting on $50 billion of meme coins.”
- On Crypto-Presidential Conflicts of Interest:
- “Now he's in on it himself...he’s better deregulate crypto.”
— Zeke Fox, 36:48
- “Now he's in on it himself...he’s better deregulate crypto.”
- On Older Workers in the Spotlight:
- “I think there is a place for zoomers and a place for boomers in the same workplace...I think we should honor older workers.”
— Stacey Vanek Smith, 48:08
- “I think there is a place for zoomers and a place for boomers in the same workplace...I think we should honor older workers.”
Timestamps for Important Segments
- Economic update & job market: 03:05–07:18
- Buy Now, Pay Later deep dive: 09:46–21:23
- Crypto: Trump memecoin saga: 24:13–39:42
- Age in sports/business: 45:30–50:47
Overall Tone
- Informal, witty, accessible, and at times playful—while firmly anchored in factual reporting and expert analysis. The hosts mix skepticism with dry humor, especially when unpacking the Trump memecoin drama (“He’s like the Hawk Tua of America…”, Max Chafkin, 32:11).
Conclusion
This episode combines sharp economic reporting and cultural commentary with an exposé of the wildly speculative intersection of crypto, politics, and celebrity. The saga of the Trump and Melania meme coins is presented as both symptom and cause of crypto’s current volatility—and perhaps as a cautionary tale of where finance and publicity stunts collide.
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