Trump's Plan for Bitcoin Stockpile Alarms Experts

Thursday, August 08, 2024

Donald Trump's campaign promise to create a national Bitcoin stockpile with cryptocurrency held by the US government alarmed former prosecutors, who said it would divert seized digital assets that otherwise would be used to compensate victims of crime.

Posted by LampLighter at 11:31 PM | 13 COMMENTS | permalink | Comment on This Entry |

Alternate links: Google News | Twitter

Comments

Admin's note: Participants in this discussion must follow the site's moderation policy. Profanity will be filtered. Abusive conduct is not allowed.

More from the article...

... If he's elected president, the US would keep all Bitcoin the government holds or will acquire, transforming "that vast wealth into a permanent national asset to benefit all Americans," Trump said at the Bitcoin 2024 conference on July 27.

With this philosophy of "never sell your Bitcoin," experts say Trump flouted a central tenet of US forfeiture law: The government sells seized assets to repay crime victims and support law enforcement.

"Much of that stockpile' likely belongs to the victims of hacks, ransomware, and scams," said Amanda Wick, a former federal prosecutor and a principal at Incite Consulting. "That's money that should go back to victims. If they knew that, I don't believe the crypto community would say that you should screw victims to stockpile Bitcoin."

Trump's comments came as he courted the crypto crowd after abandoning the anti-crypto stance he held while president, when he said the asset class was riddled with crime. Facing a tightening race, Trump is pursuing potentially tens of millions of dollars in donations from crypto advocates.

The Trump campaign did not reply to a request for comment for this story. ...

#1 | Posted by LampLighter at 2024-08-08 12:45 AM | Reply

The wealthy purchasing fmr Pres Trump. ...

Examples...

Trump's TikTok ban reversal comes after meeting megadonor who has stake in TikTok
abcnews.go.com

Trump defends Bud Light ahead of fundraiser hosted by Anheuser-Busch lobbyist
ny1.com

Between Attacks on Electric Cars, Trump Says They're Incredible'
www.nytimes.com

Elon Musk Has Said He Is Committing Around $45 Million a Month to a New Pro-Trump Super PAC
www.wsj.com

#2 | Posted by LampLighter at 2024-08-08 12:47 AM | Reply

Crypto is probably just another avenue for them to grift from this time around.

#3 | Posted by jpw at 2024-08-08 09:17 AM | Reply | Newsworthy 1

what a sad desperate man

#4 | Posted by RightisTrite at 2024-08-09 12:35 AM | Reply

"alarmed former prosecutors, who said it would divert seized digital assets that otherwise would be used to compensate victims of crime."

What's a victim? And why should they be compensated?
~DJT

#5 | Posted by Danforth at 2024-08-09 12:45 AM | Reply

"Crypto is probably just another avenue for them to grift "

Absolutely.

My grand nephew told me he didn't understand crypto. "What do they (the business) make?"

My answer: Bigger fools.

#6 | Posted by Danforth at 2024-08-09 12:48 AM | Reply | Newsworthy 1

The first "bit coin" failed miserably when the North forced the Confederacy to surrender and the value of Confederate dollars fell to zero. Ytump's bitcoin idea is to have the Federal Government back bit coin as a competing currency for the dollar and should be squashed like a bug. It's dangerius to the economy of the United States for him to run his stupid mouth about such things and definiyely should disqualify him from being Ptrsident.

#7 | Posted by danni at 2024-08-09 07:54 AM | Reply

"We protect the integrity of U.S. currency."

www.secretservice.gov

#8 | Posted by danni at 2024-08-09 07:57 AM | Reply

Crypto is just a new form of Ponzi scheme. Those who start it make money off the fools who follow them later.

#9 | Posted by danni at 2024-08-09 08:21 AM | Reply

Bitcoin and other cryptocurrencies are vehicles for criminal activity and naked speculation, and nothing more. The volatility of Bitcoin is such that the Sarah! Palin death panels will be made up pf Crypto Bros. To Wit: Bitcoin is up 43% YTD. It is down more than 17% from its 2024 high in March, 2024. It is down 11% in the past week. Such volatility should never be anywhere near any sovereign debt, government finance or individual retirement account. This idea from the fat orange criminal insurrectionist and golf cheat was clearly the result of a campaign donation, and is one of the dumbest put forth by Der Dotard in his public life. And that's saying a lot...

#10 | Posted by catdog at 2024-08-09 09:21 AM | Reply

I had a client ask me if he could pay me in Bitcoin and I told him "Dear Sweet Jesus no".

21st century beanie babies.

#11 | Posted by Nixon at 2024-08-09 09:46 AM | Reply

Most people don't understand how a newly created crypto is a store of value. And if you can't understand how any newly fabricated and concocted entity can represent value you are not alone. Gold for example represents thousands of years of perceived value and demand. Mining a concocted crypto currency with nothing behind it is a fools mission. But the herd and people get rich and are made poor with it. I disagree that the government should be involved other than maybe keeping those involved honest and reporting. Any currency that has such volatility is inefficient.

#12 | Posted by Robson at 2024-08-09 10:11 AM | Reply | Newsworthy 1

If there's any one thing that trump has been successful at all his life is proving the adage "A fool and his money are soon parted" correct, over and over and over again.

#13 | Posted by Yodagirl at 2024-08-09 02:38 PM | Reply