Memecoin users built a 12-foot tall Trump Bitcoin statue made of gold near the U.S. Capitol.

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A memecoin group has erected a giant golden statue of American President Donald Trump holding Bitcoin outside the Capitol Building in Washington DC, as a tribute to the pro-cryptocurrency president. The statue, located at National Mall near the White House, is introduced as a tribute to Trump's "steadfast commitment" to promoting Bitcoin and decentralized technology.

The event coincides with the Federal Reserve's (Fed) first interest rate cut of 25 basis points this year, a move that is typically beneficial for risk assets such as cryptocurrencies.

Trump has shown strong support for cryptocurrency during his campaign, helping the industry to invest heavily in him. The Trump family has also expanded its financial interests in the sector while he was in office, raising concerns about conflicts of interest.

The organizers stated that the statue aims to spark discussion about the future of currency and acknowledge Trump's role in promoting the widespread acceptance of Bitcoin.

Donald Trump holding Bitcoin

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