Hunter Biden's $LAPTOP token dropped more than 98% within minutes of its launch, and Biden is now explaining what happened. In an interview published by Bitcoin Magazine, he walks through the token's launch sequence: an initial plan to list on a centralized exchange, a subsequent switch to a decentralized exchange, and a market maker liquidity miss that he blames for the crash. Market makers supply the standing buy and sell orders that let a newly listed token trade smoothly, and when that liquidity fails to materialize, thin order books can produce the kind of immediate, severe price swings Biden describes. The choice of venue matters here too: centralized exchanges route trading through a company-operated order book, while decentralized exchanges rely on on-chain liquidity pools, so a late switch between the two can reshape a token's first minutes on the market.

The interview opens with Biden explaining why he named the token $LAPTOP, before turning to a detailed breakdown of what went wrong at launch. He also compares $LAPTOP's tokenomics and transparency with the Trump token, the $TRUMP memecoin that launched ahead of the January 2025 presidential inauguration and became the most prominent politically affiliated token to date.

Beyond the token itself, Biden discusses Operation Choke Point 2.0 and his efforts lobbying his father, former President Joe Biden, and addresses whether Democrats will ever get behind Bitcoin and crypto. Operation Choke Point 2.0 is a term coined in early 2023 by venture investor Nic Carter to describe allegations that U.S. banking regulators pressured lenders to cut off crypto firms; regulators disputed the characterization, but the claims became a lasting industry grievance and a flashpoint in the sector's partisan politics. That backdrop frames the rest of the conversation: Biden offers his perspective on Michael Saylor and Strategy, the company formerly known as MicroStrategy whose corporate Bitcoin treasury has made it one of the largest known holders of the asset; describes using Bitcoin for art payments; and weighs in on global Bitcoin adoption. The conversation also covers his view of fiat currency, banks, and Wall Street, as well as Silk Road, the bitcoin-using darknet market U.S. authorities shut down in 2013, bad actors in crypto, and the sector's partisan shift. Biden closes the interview by sharing his 2028 Bitcoin price prediction, a personal forecast that the publication's disclaimer frames as the views of the participants rather than investment advice.

The full interview is available on Bitcoin Magazine and was written by Patrick Green.

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