President Donald Trump has announced that the United States will create a strategic crypto reserve that will hold Bitcoin, Ethereum, XRP, Solana and Cardano.
Trump made the announcement Sunday on his Truth Social media platform, more than a month after he signed the Strengthening American Leadership in Digital Financial Technology executive order, which created a presidential working group to consider the creation "of a national digital asset stockpile."
To restate this: The Orange Felon wants to take billions of dollars and give it to his crypto-bro supporters in exchange for...nothing. Because that's what crypto really is: It's nothing. If you're not a fan of "fiat currency", crypto is non-fiat currency. It's not backed by the full faith and credit of anyone. Crypto's nothing but a bunch of computer code that has value because people think it has value. It's a non-asset bubble if there ever was one.
Giving taxpayer money to the crypto-bros would be a really high-class heist. And you know, don't you, that both Musk and Trump will get their beaks wet in the deal.
The real difference between the Felon and the Rich Nazi is that the Nazi is better at his thievery.
Crypto is just a block of code with a very unique identifier. In itself
ReplyDeleteits not more valuable than a cat picture (likely less). Baseball cards
have more value, least some.
However the value of crypto is it can be transferred and any value it
as with it and is difficult to trace. That makes it more valuable to
criminals that need to launder their money.
Better to put your money in, gold or other metals.
Eck!
It can be useful for illicit transactions, which is maybe why they seem to like it.
ReplyDeleteHe did pardon the Silk Road guy.
-Doug in Sugar Pine