Saturday, March 08, 2025

Trump supporters lose $12bn as his cryptocurrency collapses

The paper value of the coins owned by Mr Trump himself has also fallen by $50bn. While Mr Trump's own losses have not been crystallised, investors are on the hook after spending heavily to back the Trump coin in the run-up to his inauguration, partly as a show of support but also as a gamble that the token would rise in value. However, interest in the project has since dwindled, accompanied by a wider market crash. Bitcoin has lost a fifth of its value since hitting an all-time high on the day of Mr Trump's inauguration. An official Melania Trump meme coin promoted by the First Lady has fared even worse, dropping 94pc since Jan 20. Mr Trump has vowed to be the first "crypto president", recently appointing venture capitalist David Sacks as the White House's "crypto tsar". However, investors have expressed disappointment at the supposed lack of momentum, highlighting Mr Trump's failure to create a strategic Bitcoin reserve.

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Hello???? Is anyone else awake in America? Now this con man wants to create a "crypto reserve which would basically guarantee the vale of selected brands of counterfeit money. How can a "fake commodity" have a guaranteed value when it can be created with a few clicks on a computer? Yes Federal Reserve Notes are created much the same way but that is, at least, controlled by bankers whose own holding would be diminished in value by the uncontrolled printing of more dollars; which is exactly what happens when trillions of dollars in tax cuts are passed. The federal government's bills don't majicly disappear. The Federal Reserve just prints more money but, when they do, every dollar loses value. That's a problem but compared to the federal government getting involved with crypto currency it is miniscule. Trump/Musk's scheme to create a "crypto reserve" is a set up to totally undermine the U.S. economy probably planned by Vladimir Putin and our media is failing its responsibilities to warn the nation!

Comments

Giggles and Snorts. This serves them right. NO sympathy.

#1 | Posted by LauraMohr at 2025-03-08 07:37 AM

The US dollar is backed by the full faith and credit of the United States.
Trump's set on destroying that.
if he's successful then they'll be little difference between the US dollar and this garbage.
The only thing stopping him - well slowing him down - are the courts. At least they are telling him to pay money that is due.

If he decides to no longer pay our debts, the US dollar will become completely worthless.
Crypto might start looking like a viable option at that point - like
North Korea.

#2 | Posted by YAV at 2025-03-08 08:03 AM

As has been said countless times: MAGA is too stupid to have money.

#3 | Posted by Zed at 2025-03-08 08:26 AM

This would be a great time to have US taxpayers become responsible for Bitcoin losses!

Which is the Plan.

#4 | Posted by Corky at 2025-03-08 10:18 AM

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