Subject: Trump and Crypto
Trump in his first term:

Bitcoin it just seems like a scam. I don't like it because it's another currency competing against the US dollar...I want the dollar to be the currency of the world, that's what I've always said.

But then something happened.

On the campaign trail in 2024 at the annual Bitcoin conference in Nashville:

Hello Bitcoiners, thank you very much, hello, it's good to be with you. And I don't think you've ever seen anything like it. And most people have no idea what the hell it is; you know that, right? If we don't do it, China's going to be doing it; others are going to be doing it, let's do it and do it right. We're going to be the bitcoin capitol of the planet and the bitcoin super power of the world, and we'll get it done... On day one I will fire Gary Gensler [SEC Chair who has advocated more regulation for bitcoin] and appoint a new SEC chairman. [throughout this speech, the crowd is cheering wildly] I didn't know he was THAT unpopular.

Trump, realizing what a great grifting opportunity this could be, starts his own crypto business: World Liberty Financial. Imagine the possibilities for grift. Huge.

And the crypto industry bought a lot of political clout this last election. They funneled a lot of money into electing Trump and many other down ballot candidates. And it worked. The vast majority of candidates supported by the crypto industry won their races. Hundreds of pro crypto candidates across the Senate and House were elected. Giving the crypto industry a whole new level of influence.

Now Trump is appointing pro crypto people to important positions in his administration. People like Howard Lutnick, a big crypto booster and nominee for Commerce Secretary.

The crypto industries main target, however, is the SEC, the agency that had been going after crypto scammers. Gensler out, Paul Atkins in, a crypto advocate.

And it looks like they will get looser regulations from the Trump administration.

And then there is the bitcoin strategic reserve that crypto industry is proposing. Trump: To keep 100% of all the bitcoin the government currently holds or acquires into the future. This will serve in effect as the strategic national bitcoin stockpile. A bitcoin stockpile, like the gold reserves. Hmmm. Govt buys bitcoin, price goes up. Crypto bros get richer.

It's a crypto Christmas.

Trump's kids are big crypto boosters, too.

I'm skeptical that this will all end well, except for the Trump Crime Family who will probably make out very well.


Great podcast on the subject:

https://www.nytimes.com/2024/1...