In the hyperworld of Miami’s crypto right, the “Let’s Go Brandon” coin sounded as good as gold. MatthewStieb reports on the coin's rise and fall
Photo-Illustration: Intelligencer; Photos: Getty Images Hedge-fund manager James Koutoulas made an important friend last year at Donald Trump’s holiday party inside an airplane hangar in Naples, Florida. Among the guests, who paid $10,000 a head to network around a replica of Melania Trump’s ominous Christmas White House décor, he came across Representative Madison Cawthorn of North Carolina, and the two began discussing cryptocurrencies.
“LGB legends … Tomorrow we go to the moon!” Cawthorn posted on Instagram under a picture of him with Koutoulas, using the crypto phrase for a commodity whose value is about to rocket up. He was right. Three days earlier, LGB had secured a deal with Brown himself, making the coin his on-track partner for the season; his race-day Camaro would feature an American-flag wrap with the letters LGB on the hood.
Without a House Ethics Committee investigation — called for by Cawthorn’s nemesis in North Carolina, Senator Thom Tillis — it’s difficult to parse out exactly what Cawthorn knew, when he knew it, and just how much of the meme coin he purchased. But whether or not a probe emerges, the rise and fall of the Let’s Go Brandon coin is a perfect encapsulation of the move-fast, break-everything world of Miami’s crypto right.
Then NASCAR pulled the rug out. On January 4, league executives informed Brown’s team that they were rejecting the LGB-coin sponsorship; despite Koutoulas’s claim that NASCAR gave its written approval on December 26, the league never formally green-lit the deal. According to the Washington Post, the okay came from a NASCAR employee who was not actually authorized to approve such a relationship.
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