Quick update – Trump and Milei meet to compare crypto-scam notes.
Is this a golden age of grift, or what? A con man for President, and the richest con man in the world as his chief advisor.
Quick thoughts on a few cons that Trump & Co are pulling in their first month back in office:
Crypto – 100% scam. Crypto is a useless faux-currency whose only “value” is that some other sucker might pay more for it. If Bitcoin or some other crypto-currency somehow took hold, the most it can do is supplement existing currency – in other words, increase the money supply and cause inflation.
Governments having a “strategic bitcoin reserve” – this is nothing but a funnel from taxpayers’ bank accounts into the pockets of the techno elite. There is absolutely no need for such a “reserve” – it’s just a way to pump the price of Bitcoin etc by creating more buyers.
Memecoins – these are always scams. How could they have any enduring “value”? It’s the nature of a meme to be transitory. Crypto is going to have to show the public more than “what’s trending on yahoo” as a basis of a new currency.
Trump & Melania memecoins – considering that most of the buyers are Trumpies (many of them “onboarding” to crypto for the first time) this is quite the karmic scam. At this writing, Trump’s coin is sitting at about 25% of the price most people paid, and Melania’s is at 10%. The First Family and Friends have pocketed at least $2 billion. Crypto brokers have made $100 million in fees. Ka-ching!
Image: Motley Fool
