Common Sense shows that our economy has two things that will explode in our face sooner or later. Artificial intelligence (AI) and cryptocurrency. AI is dangerous due to wild expectations about AI’s role in our future. It’s also trillions of unsuppressed spending on it, especially for data centers. Codes are dangerous because of President Donald Trump’s corruption.
Trump was once a solid code critic. After his first presidency, Trump accused Crypto of “a disaster waiting for it to happen,” saying, “they may be fake. Who knows what they are?
But Trump is often against things. Until someone came up with the bright idea of ​​bribeing him. Trump was attacking Qatar as a major supporter of terrorism. After Catalis gave him a $400 million plane, the Gulf countries invested billions in Trump-related businesses, he sings another song. The United States recently supported Qatar more than the United Nations Israel. Trump has declared that Israel will block the annexation of the West Bank, and his new proposal for peace in Gaza includes a ban on attacks on Qatar, particularly. Our foreign policy is clearly on sale. Is that okay for you?
The same proves with cryptocurrency. When Trump criticized Bitcoin in 2021, it was trading for $36,000. Today it trades for around $114,000. This is more than a triple. What has changed? Donald Trump. why? bribery.
Since the election, billions of dollars of crypto values ​​have flowed into Donald Trump and his family’s pockets. The Trump family has accumulated $6 billion in wealth in a single code, according to the Wall Street Journal of Trump’s ally Rupert Murdoch.
His business is called World Liberty Financial. One of its products, Stablecoin, owes its value to Binance. Its co-founder Changpeng Zhao is forgiving him and seeking Trump after his money laundering belief.
Who else supports Trump’s crypto companies? You guessed it: the oil-rich Gulf state, the United Arab Emirates (UAE). In May, the government-affiliated investment firm agreed to deposit $2 billion in World Liberty Financial after negotiating with Zach Witkov, the son of Trump’s official Middle Eastern envoy, Steve Witkov.
What did Trump trade for the bribery? Trump has stopped pending securities and exchange lawsuits against Vinance, a major financial aid who alleges that the company misleads its customers and diverts its funds. Two weeks after the $2 billion announcement that flows from the UAE to Trump, the Trump administration granted access to hundreds of thousands of rare and sophisticated computer chips in the UAE despite fears that it could fall into the hands of Chinese people.
According to Forbes, Trump has given the crypto community all the reckless things he’s ever dreamed of. He started by firing the SEC anti-crypto head. He abolished the Department of Justice’s National Cryptocurrency Enforcement Team. He has forgiven five code leaders who were convicted of money laundering. Not only has Trump been holding the industry even further down, he has also banned the Treasury from creating digital currencies that compete with the Treasury, and instead created a “strategic Bitcoin Reserve” in which the US holds and therefore supports coins issued to hundreds of thousands of secrets.
So why does this hurt you? Trump has reaped his billions, and while he releases crypto fraudsters and deregulates the industry, the industry has become a major part of the global economy. The global crypto market is estimated to have risen to more than $4 trillion, an increase of about three-fifths since Trump re-inaugurated. It can be economically dangerous.
Still, crypto is still the preferred currency in the criminal world. Despite more mainstream financial institutions increasing crypto-related relationships, cryptocurrencies continue to suffer from fraud against their customers and are shaking them with price volatility. The situation should remind us of dozens of economic bubbles from the past, from 17th century Dutch tulips to credit default swaps in 2008. Cipher may stay here, but as long as it’s Buccaneers’ business, these fake backs can be expected.
So, a code crash may occur, which may take away our economy. If so, Trump should own it. Because he literally does so thanks to bribery.
Thomas G. Moukawsher is a former Connecticut combined litigation judge and former co-chair of the American Association of Bar Associations on employee benefits. He is the author of the book, “General Flaws: The Unnecessary Complexity of the Court and 50 Ways to Reduce It.”
The views expressed in this article belong to the author himself.
