First, it was a “border czar,” now Trump wants a crypto czar? Where does this man’s obsession with titles from 19th-century Russian royalty stem from? Perhaps from his obsession with autocrats in general? Who’s to say?
After Trump announced that he would create a crypto advisory council, a gaggle of crypto companies came out of the woodwork to fight for power. Ripple, Kraken, and Circle are duking it out for a spot in Trump’s crypto-friendly administration, and he will likely attempt to invent a new government agency à la The Department of Government Efficiency, which is helmed by another tech bro who now has a shot at tanking the economy.
Bitcoin-bros are loving it. The price of Bitcoin soared after the announcement, and Bitcoin is now trading at nearly $100,000. It’s a milestone, apparently. Trump was able to court support from the crypto sector with the campaign promise that he would be a “crypto president,” reducing the Biden-era regulations on crypto meant to safeguard against money laundering. Oh, joy.
According to Trump, his cryptocurrency wheeling and dealing comes as a result of competition with his greatest enemy: China. “If we don’t embrace crypto and bitcoin technology, China will,” Trump said at a July bitcoin conference. “We cannot let China dominate. They are making too much progress as it is.” Trump is fearful of China’s growing economic power, so that’s why he’s decided to ruin America’s economy in response. It only makes sense.
“If I am elected, it will be the policy of my administration, the United States of America, to keep 100% of all the bitcoin the U.S. government currently holds or acquires into the future,” Trump continued. Wait a minute, I thought that the whole point of Bitcoin was to develop a currency independent of government control. Apparently, crypto-sector workers aren’t concerned. Jack Mallers, CEO of global Bitcoin app Strike, said that Trump’s plan to create a federal Bitcoin reserve was an “unbelievable vote of confidence.” Yeah, I’m unbelievably confident Trump’s only doing it because he thinks it will help him make a buck.
To further ingratiate himself with the crypto crowd, Trump also announced his intention to commute the sentence of Ross Ulbricht, who is currently serving life in prison for creating and running the website Silk Road, which used crypto for the purchase of illegal goods and services. Ulbricht once allegedly used the site himself to attempt to hire a hitman to kill five people, though he was never charged.
To further seal the crypto deal, Trump had also promised to fire SEC Chair Gary Gensler on “day one” of his administration. Gensler is a hardline cryptocurrency regulator and has brought millions of dollars worth of lawsuits against leading crypto firms for money laundering and fraud. As a result, crypto companies shoveled money into the Trump campaign to give Gensler the boot. I guess they forgot Trump once called Bitcoin “a scam.” Though, knowing Trump’s gift for grift, he likely meant it as a compliment. While Trump cannot legally fire Gensler, the SEC Chair took it upon himself to resign.
So hey, when the U.S. dollar reaches an inflation level of 9% because of Trump’s policies, you can always buy Bitcoin. Until he tanks that too, that is.
Published: Nov 23, 2024 08:42 am