The proposal at NC House allows state accounts to use retirement funds to invest in crypto.
In the 17th century, the Netherlands experienced an economic boom when tulips became a hot commodity for bartering and spending. Rare tulip bulbs have been replaced with goods and services. People spent their wages on bulbs that could be sold at a higher price. According to Investopedia, the rarest bulbs “traded six times the annual salary of the average person at the peak of the market.” It was like a gold rush, everyone wanted to get rich quickly. It was the “market bubble” that swept the Dutch. Those who joined the trade early probably became richer.
“Tulip Mania” was short-lived. Tulips were neither a strong nor a permanent currency, as dangerous speculations were fulfilled in reality. When the boom crashed, many remained penniless. Tulip Mania is like history, stories, mythology. But like all myths, it shows the point.
Trump once called crypto a scam, now it’s all
President Trump once called cryptocurrency “scam.” He has since had a 180-degree face. He created his own crypto coin, $Trump, and then signed an executive order to create strategic Bitcoin reserves and digital asset stockpile.
His “golden age” is constructed with highly speculative, dangerous and expensive cryptography, and promotes “not selling bitcoin.” “President Trump is fulfilling his promise to position America as the global leader in cryptocurrency.” Trump added, “I’m very positive and open to everything related to crypto companies and this new, fast-growing industry. Our country must be a leader in this field.”
Ben Walsh of the Atlantic said: “Donald Trump wants to go back to the casino business. He’s set up a new kind of gambling: Crypto.” Trump is essentially building a “Fort Knox” of crypto. This time he is using our dime to gamble.
The Wall Street Journal editor wrote, “President Trump respected the High Roller group for everything he did in the cryptocurrency industry.” He then boasted about all the crypto money he was making as president. “$Trump’s success is one of the toughest examples of a president who benefits from the industry regulated by his administration.”
Apparently there isn’t much desire to regulate this industry.
The cipher trend is hitting North Carolina now
The code trend is now hitting North Carolina. Republican House Speaker Destin Hall suggests that states allow state treasurers to use retirement funds to invest in crypto. “The cryptocurrency epidemic could turn out to be a previous alternative investment trend that appears to have hurt pensions in other states,” Flint Benson, a lobbyist with the State Employees Association, told a member of the House committee.
Sometimes you invest in stocks, sometimes you invest in bonds. It depends on the level of risk you are comfortable with. It is reckless to risk the retirement of thousands of state employees. Play the game with your own money. You take a risk. Let go of our hands.
Harlan Boyles is rolling inside his grave.
Unregulated monopoly money is not a wise investment
The opportunity for corruption in the crypto industry is well documented in the case of Sam Bankman-Fried, a young gun who has built many quick wealth through his business FTX. He was “Crypto Poster Boy.” The securities and commodity fraud he committed with FTX landed him in prison for 25 years.
Unregulated monopoly money is not a wise investment, especially for public funds.
It’s a good time to remember his track record in the business as Trump strengthens his support for his new Crypto Reserve. He blows away about his “art of trading,” but the students lose a lot of money and time at Trump University. There are other examples of business failures and fraud throughout his life. The Taj Mahal casino was a huge failure. I don’t think the house will always win. Who will fail in your casino business?
Trump makes everything from sneakers to watches to steaks, making his office location and privileges cheaper as President of the United States. He used his final semester to enrich himself and his family. He does it with spades in this term.
There are no beautiful flowers, only a few pieces of paper and plastic.
At least in tulip manias in the 1640s, there were bulbs that lay beautiful flowers, even if they lost money.
If a crypto enthusiast crashes, all they have to do is paper and a small piece of plastic, perhaps not even recyclable. We are stupid in the trends in gambling and ponzi schemes. Our stupidity continues many times. We have a hard time thinking about things.
Lib Campbell is a retired Methodist pastor and retreat leader and hosts the website AvirtualChurch.com. She welcomes comments at libcam05@gmail.com.
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