Trump announces strategic crypto reserve including bitcoin, Solana, XRP and more
Trump announces strategic crypto reserve including bitcoin, Solana, XRP and more
This is, I think, an important mechanism for someone to loot the US treasury.
Plenty of other people will be able to loot it also. It might not even be intentional on Trump's part. But it's a standard pattern: A massive transfer of capital into some dubious venture, followed by a mysterious implosion of the value of the dubious venture, leaving the people who were paid mountains of capital in exchange for the dubious venture-stuff smiling broadly at the mysterious outcome, saying "Them's the breaks. Risky investment and all."
Crypto has the added benefit of being a lot less traceable and somewhat less undo-able after the fact.
For more on the specifics of how this works, see: https://open.substack.com/pub/noahpinion/p/a-sovereign-crypto-fund-is-a-new
Just add it to the rest of the grift...
First he creates his own crypto out of thin air worth billions. Then he's going to make US gov't and tax payers buy his fantasy value currency with real money? You can't a clearer day light robbery than this!
You're forgetting the final part of the plan. Take those dollars and exchange them for gold or a different currency so that when the dollar implodes you still have all your loot.
No, don't, this is likely to be immensely more wasteful.
Aren’t strategic reserves meant for material resources that support industry and military that can be made inaccessible by foreign actors?
This one is meant to pay back all the cryptobros who supported his campaign. Still gotta get Congress to authorize funds for it, but the cryptobros have been pumping money into those campaigns, too.
Cryptoclones/clowns deserve love too, doncha know??
Or materials that take a while to manufacture, but which may be needed in large quantities relatively quickly. Even if it’s not a case of foreign actors, some things just take a while to start coming off of production lines in large quantities.
Shelf-stable food is a good example. You can’t just grow more wheat overnight. Sure, you may be able to reallocate where resources are going to use them more efficiently or start converting more into shelf-stable versions, but your overall food production levels are going to take a long time to actually ramp up, as new crops and livestock take time to grow.
Wow, a state backed scam and grift reserve. Surely this will turn out great.
Bitcoin lost 20% of its value in a month. It's great for speculation, but it seems like a shitty thing to use as a currency.
It's likely you already are bought in if you have a typical 401k investment setup as several large firms have btc on their books. Small as it may be, it's likely there.
Wouldn't this give it stability?
I've said it before, and I'll say it again. Russia probably has a shitload of BTC to get around sanctions, and are going to rug this stupid Bitcoin reserve.
Why? Because a whole bunch of it is locked up somewhere? That's already the case for bitcoin. Only a tiny fraction of the total supply actually moves. The vast majority is either in abandoned or lost wallets, or being held.
That's not what makes a currency stable. The Fed wouldn't need to work so hard if that's all it took.
Its counter cyclical like gold is. In a market crash where aggregate demand drops and interest rates fall it can be used as collateral to fund bailouts as it rises in value. At least I assume that's why central banks historically buy gold for undergoing Keynesian economics.
Bitcoin actually goes up far more than gold during QE as well in its short history, and the supply will soon rise dramatically slower than gold, as each 4 years the new supply halves.
lol this is going down on history books as one of the biggest scams of the 21st century.
Oh yeah... that's a great idea especially since Bitcoin has cratered in the last few weeks and people have lost over $2 billion on trumps scam meme coins.
Sure... what could go wrong?
Not $2bn.
$12bn.
You just watch.
"Strategic crypto reserve" of several billion in taxpayer funds, and then in several months "oops where did it go? It's all been moved to several different wallets now, gosh how did this happen" and the news cycle will just glaze over it as another Trump blunder while he and his cronies pocket it.
Welp. I look forward s to hearing about how our strategic reserve was hacked away from us by a dozen coders in China who found an open wallet on an unsecured PC.
Or it's made to look like hackers and somehow gets funneled to Donny.
"Bitcoin is dangerous because it's trying to create a level of credibility to unreliable and wholly unfounded value"
-Trump
Fundamentals haven't changed, Donny. Why the flip-flop?
edit: but I sold my BTC @ $20k so I guess I'm the dumb one.
Maybe he gets a kickback when Russian hackers steal it.
LOL!!! Not so fast...
Trump Crypto Rally Fizzles After Skepticism on Reserves Plan
Coins picked by Trump gave back some initial gains Monday Crypto experts are questioning the benefits of Trump stockpile
This can't possibly go wrong. Crypto is so stable and guaranteed to just keep going up in value. /s
Both at once is very impressive.
If you start trying to buy your meme coin with funds no longer going to federal worker wages, I'm pretty sure that you're going to have a pretty irate Congress.
I'd think you'd have a pretty irate populace by now, but I guess not.
All NEW!!! strategic money laundering scam featuring CRYPTOCURRENCY!!!
Stocks can be replaced by other stocks and eroded by taxes and regulation, new gold can be mined as new reserves are found and technology develops, but what can create new Bitcoin except one specific asic?
As far as why people would want a currency like Bitcoin with a fixed supply, Project 2025 which Trump is clearly following, talks about mandating the Fed to grow the money supply at a fixed 3% a year; which is a Milton Friedman conservative idea.
This supposedly stops the wild speculation into assets like housing and the cantillon effect, which then requires large bailouts, which causes moral hazard. As it also hurts the poor and the young, who are gatekept when trying to actually utilize the housing for procreation instead of capital preservation, causing fertility rates to fall as price to incomes continue to rise.
Solana and the other shitcoins should probably not be part of this though. That's where it is clearly a gift to his donors, who made his Trump grift coin.
You mean that rubber-stamp fanboys club called congress?
Yeah, I don't know why we get these comments full of legalistic hope about congress for every thread about Trumps doings. He owns congress.
Last I heard was that instead of selling the crypto they seize from illegal activities/arrests, they're going to hold it in this reserve. So it's not new spending, but it will be a reduction in income for the government.
The article mentions and notes "reserve" vs "stockpile", but my gut take is that he has no idea of the difference and just thought "reserve" sounded better in the moment.
There is no way a crypto investment will out pace debt growth.
Have they not historically done that? Not a guarantee, but it's possible.
😂 the title somehow failed to mention the 2nd most valuable crypto but named all the others. Wtf
The ticker is ETH!
You are looking at a price and thinking you're seeing value.
