Hunter Biden to launch crypto meme coin

Hunter Biden, son of former President Joe Biden, announced Monday that he’s debuting a meme coin, traded under the ticker $LAPTOP, in reference to the political controversy that swarmed him in 2020 and since over his personal laptop.

Biden teased the launch, first reported by the Wall Street Journal, with a video that compiled clips of news outlets and politicians referencing the laptop.

$LAPTOP will launch on the crypto exchange Base, a global platform built by Coinbase, on Sept. 9.

Meme coins do not carry any intrinsic value, but they often surge in price due to social media hype around their launch. Other politicians and celebrities have launched their own coins, including President Trump and first lady Melania Trump. Both surged in value when launched before eventually crashing.

The one billion tokens issued of $LAPTOP will go to its founders, including Biden, crypto wallets whose owners lost money on the president’s meme coin, subscribers to Biden’s Substack, and people on a mailing list curated by a friend of Biden’s, Andrew Callaghan, according to the Journal.

Callaghan’s company posted a statement clarifying that he has “nothing to do with” $LAPTOP, and that Biden is simply using a mailing list they provide to “expand his audience.”

“As we have told our followers numerous times, we do not believe crypto is a legitimate investment,” read the statement.

Biden has ratcheted up his public presence in recent months, making a slew of media appearances, including with right-wing commentators, keeping an active feed on X, and now wading into crypto.