Reserving Illusions
"Crypto Reserves"...about as real as the gold at Fort Knox? Maybe we could have a remake of the classic 1939 movie and call it, "The Wizard Of Crypto". But it wouldn't be the same without Judy Garland.
"I am Crypto, the great and powerful!"
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President Trump on Sunday announced plans for the US to launch a "crypto strategic reserve," which sent the price of Bitcoin and his own memecoin surging.
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"This is a direct transfer of wealth from the U.S. treasury to David Sacks [Trump’s Nominee to be Crypto and Artificial Intelligence Czar] and other crypto barons," Ryan Grim commented in response to the news. "The railroad and coal tycoons of the 19th century could never have dreamed of this level of heist."
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Many are questioning whether there was insider trading ahead of the announcement:
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I'll say it again: The blatant corruption and looting in the US today is like what was done to Russia in the 1990s -- but this time, the USA is doing it to itself.
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Trump's commerce secretary Howard Lutnick is also a major crypto investor.
Trump Announces U.S. Crypto Reserve, Boosting 'Crypto Barons' And His Own Struggling Memecoin