I know it’s almost overwhelming – the ongoing dissonance of the catastrophe has brought to the Chief in my crackpot. But I think he’ll beat him faster than anything else.
Eric Trump and Donald Trump Jr. announced that they are working together with Bitcoin mining companies to set up a company called American Bitcoin. Eric will become co-founder and chief strategy officer.
Do you want someone? If you are a sufficient investor and you want to curry favors with Trump, that may be possible. And that’s my point: desire is Trump’s cancellation. He cannot resist in return.
Bitcoin mining is a particularly lucrative branch of the crypto industry, where large companies operate energy gazling machines that handle Bitcoin transactions. Perfect for men who think that climate change is a “horror.”
Additionally, we remind you that cryptocurrencies do not serve useful purposes other than other cryptocurrencies, money laundering, fear tor, and fraudulent purchases. As economist Paul Krugman said, their market value remains “Technobble and Libertarian Derp.”
In addition, Bitcoin mining in particular uses a huge amount of energy.
The Eric and Donald Jr. mining project is the third major crypto venture the Trump family has launched in the past year.
Last October, when Trump and his sons launched a crypto company called World Liberty Financial, they billed it as a decentralized finances or defi, as a project that would help them lend, lend, lend, lend and trade with crypto investors.
Trump’s World Freedom recently said it raised $550 million from more than 85,000 US and non-US investors in 2023, including Justin Sun, who was accused by the Securities and Exchange Commission (SEC) of fraud and other violations of securities laws. Sun says he invested $30 million in Trump’s family business.
World Liberty Financial has announced that it will launch Stablecoin. Stablecoins are the backbone of the crypto market and serve as digital dollars widely used to store cash and pay for other token purchases. (The most popular Stablecoin is Tether, which is frequently used for illegal activities such as terrorist financing and drug trafficking.)
On the eve of Trump’s inauguration, he and his wife, Melania Trump, each launched a memecoin. This is a kind of cryptocurrency based on online jokes or mascots.
Trump meme coins have skyrocketed in value and then crashed. It generated enormous profits for Trump and other insiders, but it’s a cumulative loss of $2 billion for more than 800,000 other investors. Trump’s family and his business partners have earned nearly $100 million in trading fees alone on coins.
According to those familiar with the issue, the Trump family is currently negotiating financial interests for the US sector of Crypto Exchange Binance. This will help Trump build a business with a company that pleaded guilty in 2023 to violating anti-money laundering requirements.
These crypto ventures have created some of the most obvious conflicts of interest in the history of the US president.
Before we get into the details, I want to give you a short but terrifying recent history of codes.
A short, terrifying recent history of codes
Most of us don’t know what the cipher is or how it works. This is fine for wealthy investors and speculators who put their money in hopes that more investors and speculators will do so in the future.
The scheme crashed three years ago when cryptocurrency prices plummeted. The celsius network (a cryptocurrency bank with over one million customers) has announced that it will freeze “due to extreme market conditions.”
Bitcoin has dropped by 15% over 24 hours. Terrausd, a Stablecoin – It was supposed to work like a traditional bank account, but the system, supported solely by a cryptocurrency called Luna, also collapsed, losing 97% of its value in just 24 hours, destroying the savings of investors’ lives.
Subsequently, following the collapse of Sam Bankman-Fried’s Crypto Exchange FTX, one of the biggest Ponzi schemes in memory – the Biden administration cracked down on crypto fraud and market manipulation.
Bankmanfried was sentenced to 25 years in prison for fraud. Changpeng Zhao, founder of rival crypto exchange, spent four months in prison for money laundering.
Former SEC chairman Gary Gensler described cryptocurrency investments as “full of fraud, fraud and abuse.”
Of course, he is right. There were no risk management or capital reserve standards. There are no transparency requirements. Investors often don’t know how their money is being processed. The deposit is not covered by insurance. We returned to the Wild West finances of the 1920s.
Why is this market unregulated? It is primarily due to intensive lobbying by the crypto industry, which Kingpins hopes to continue with its Ponzi scheme.
During the 2024 election cycle, the industry poured enormous amounts of money into political campaigns, including Trump.
He also hired scores from former government officials and regulatory authorities to lobby, including three former SEC chairs, three former Commodity Futures Trading Commission, three former U.S. Senators, one former White House Chiefs of Staff, and a former Chairman of the Federal Deposit Insurance Corporation (FDIC).
Former Treasury Secretary Lawrence Summers advised crypto investment company Digital Currency Group and previously sat on the board of Block Inc, a financial technology company that invests in cryptocurrency payment systems.
The biggest danger is that Crypto could break into Wall Street and the 2008 financial crisis could cause a meltdown that looks like a child’s play.
The Biden administration has closed rules that made banks prohibitively expensive to hold digital assets on behalf of their clients. And they stopped developing their own crypto products, such as Stablecoins (as I pointed out, tokens are pinned to dollars and other assets).
Biden’s FDIC of Watchdog has stopped dozens of such projects.
But the wealthiest people in America with enormous power – Oliheads, including Elon Musk and Trump, are keen on cryptocurrency.
Why are they so enthusiastic? Not only can they make fortune, but Crypto advances the long-term purpose of changing financial management in their own hands from democratically elected governments.
How Trump is enriching his family from crypto
In history, no presidential families have pocketed Trump’s bribes.
Trump once dismissed Bitcoin as a “scam.” Now he is about to turn America into the “Crypto Capital of the Earth.”
Trump says he wants to see the stubcoin laws on his desk before Congress’ August break. (Remember, his world’s Liberty Financial just announced that it will launch stablecoin.)
He also eased all enforcement in the crypto industry.
He announced the creation of government stockpiles for Bitcoin and other digital currencies. What will end? Unlike oil and other products that may need to be stockpiled for a nationwide emergency, Bitcoin has no intrinsic value.
Trump is bringing crypto-friendly people into major federal agencies, further increasing the outlook.
He tapped venture investor and digital currency enthusiast David Sack to oversee the administrative policies for crypto (and artificial intelligence).
He chose Washington’s lawyer Paul Atkins to known cryptography booster Paul Atkins, and chaired the SEC, the leading US financial regulator.
Since the Trump administration began, the SEC has rolled back accounting guidance that prevented banks from becoming involved in cryptocurrency, eliminating the need for financial institutions to explain their own balance sheets of cryptocurrencies held on behalf of their clients.
Yesterday, the SEC officially dismissed a lawsuit against the three cryptocurrency giants in its latest withdrawal from its former cleaning enforcement campaign against the industry. The agency said the layoffs will encourage the SEC’s efforts to “reform and update the regulatory approach to the crypto industry.”
Banking and crypto industries are now pushing in the same direction and are almost facing resistance. A new and highly profitable form of risk taking is emerging in small groups of people who are able to take such risks so that small groups of people who can take such risks can benefit from their crypto products.
Trump and his family are practically in a position to gain. The rest of the economy, including increasingly large Wall Street banks, is subject to large, unregulated risks. Please be careful.
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