Trump Preparing Potentially Biggest Giveaway To Superrich Since Robber Baron Days
HuffPost
His cryptocurrency “reserve” scheme could spend billions of taxpayer dollars to boost the holdings of the "crypto bros” who spent millions getting him elected.
WASHINGTON — Donald Trump is embarking on what could be the biggest giveaway to some of the country’s richest since the nation’s “robber baron” days by having the federal government acquire and hold cryptocurrencies, which critics, including many economists, describe as a “greater fool” scam.
Trump announced the creation of a “crypto strategic reserve” Sunday while playing golf at one of his courses in Florida. “A U.S. Crypto Reserve will elevate this critical industry after years of corrupt attacks by the Biden Administration, which is why my Executive Order on Digital Assets directed the Presidential Working Group to move forward on a Crypto Strategic Reserve that includes XRP, SOL, and ADA. I will make sure the U.S. is the Crypto Capital of the World,” he wrote on social media.
About two hours later, still at his golf course in West Palm Beach, Trump added two other “tokens” in a second post: “And, obviously, BTC and ETH, as other valuable Cryptocurrencies, will be the heart of the Reserve. I also love Bitcoin and Ethereum!”
The declarations sent the price of the named cryptocurrencies soaring — resulting in an increase of hundreds of billions of dollars in total value for Bitcoin alone.
Trump White House officials would not say how much Trump intended to place in this strategic reserve and where that money would come from. White House spokesperson Victoria LaCivita pointed to a Sunday social media post from Trump’s “crypto czar” David Sacks, who promised more details at the coming White House “crypto summit” on Friday.
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