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.
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 magickly 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!
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.
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