Trump signs executive order establishing ‘Strategic Bitcoin Reserve’
THE REAL PONZI SCHEME
By AFP
March 6, 2025
White House crypto czar David Sacks says the US government bitcoin reserve 'will not cost taxpayers a dime'
THE REAL PONZI SCHEME
By AFP
March 6, 2025
White House crypto czar David Sacks says the US government bitcoin reserve 'will not cost taxpayers a dime'
- Copyright AFP/File
INA FASSBENDER
US President Donald Trump signed an executive order Thursday establishing a “Strategic Bitcoin Reserve,” forcefully endorsing a currency once shunned as a tool for money launderers.
The government stockpile, which backers liken to a “digital Fort Knox,” will be composed of digital currency seized in US criminal proceedings, said David Sacks, the White House’s crypto “czar,” emphasizing in a social media post that Thursday’s move made good on a Trump campaign promise.
The use of these assets “means it will not cost taxpayers a dime,” Sacks said in a post on X.
“The purpose of the Stockpile is responsible stewardship of the government’s digital assets under the Treasury Department.”
The policy also allows the secretaries of Commerce and Treasury to develop “budget-neutral strategies” for adding to the reserve, he said.
Bitcoin prices fell as much as five percent following the announcement, apparently out of disappointment the program involves no immediate bitcoin purchases.
The move comes on the eve of a White House summit Friday with major crypto figures, who were significant donors to Trump’s successful campaign to regain the presidency.
Cryptocurrency supporters organized heavily in the 2024 election in response to the skepticism of Joe Biden’s administration to digital currency, also helping to propel Republicans to victory in key Senate races.
For believers, cryptocurrencies represent a financial revolution that reduces dependence on centralized authorities while offering individuals freedom from traditional banking systems.
Trump has waded into the space personally, partnering with exchange platform World Liberty Financial and launching his own “Trump” memecoin in January as his wife Melania did the same — moves that have prompted conflict of interest accusations.
Trump critics such as Democratic Senator Chris Murphy of Connecticut have characterized Trump’s cryptocurrency venture as a conduit to potential corruption on a massive scale.
“It’s as if Trump is posting his Venmo or his Cash App handle and inviting corporations and foreign governments to just send him cash in secret,” said Murphy in a video posted to X in which he called Trump’s crypto venture “a pure grift.”
US President Donald Trump signed an executive order Thursday establishing a “Strategic Bitcoin Reserve,” forcefully endorsing a currency once shunned as a tool for money launderers.
The government stockpile, which backers liken to a “digital Fort Knox,” will be composed of digital currency seized in US criminal proceedings, said David Sacks, the White House’s crypto “czar,” emphasizing in a social media post that Thursday’s move made good on a Trump campaign promise.
The use of these assets “means it will not cost taxpayers a dime,” Sacks said in a post on X.
“The purpose of the Stockpile is responsible stewardship of the government’s digital assets under the Treasury Department.”
The policy also allows the secretaries of Commerce and Treasury to develop “budget-neutral strategies” for adding to the reserve, he said.
Bitcoin prices fell as much as five percent following the announcement, apparently out of disappointment the program involves no immediate bitcoin purchases.
The move comes on the eve of a White House summit Friday with major crypto figures, who were significant donors to Trump’s successful campaign to regain the presidency.
Cryptocurrency supporters organized heavily in the 2024 election in response to the skepticism of Joe Biden’s administration to digital currency, also helping to propel Republicans to victory in key Senate races.
For believers, cryptocurrencies represent a financial revolution that reduces dependence on centralized authorities while offering individuals freedom from traditional banking systems.
Trump has waded into the space personally, partnering with exchange platform World Liberty Financial and launching his own “Trump” memecoin in January as his wife Melania did the same — moves that have prompted conflict of interest accusations.
Trump critics such as Democratic Senator Chris Murphy of Connecticut have characterized Trump’s cryptocurrency venture as a conduit to potential corruption on a massive scale.
“It’s as if Trump is posting his Venmo or his Cash App handle and inviting corporations and foreign governments to just send him cash in secret,” said Murphy in a video posted to X in which he called Trump’s crypto venture “a pure grift.”
‘Old fashioned scam’: Rachel Maddow warns new Trump move akin to '90s ‘Beanie Baby bubble'
Erik De La Garza
March 6, 2025
RAW STORY
(Screenshot via MSNBC)
President Donald Trump’s new executive order creating a “strategic reserve” of cryptocurrency was subjected to a brutal round of mockery by Rachel Maddow, who told MSNBC viewers Thursday that the move is reminiscent of collectors scooping up Beanie Babies in the 1990s.
“It is a deeply, deeply old fashioned simple scam at this point, which points right to the White House,” Maddow said.
Maddow on Thursday ripped into Trump’s order, which authorized the federal government to stockpile cryptocurrency assets seized by law enforcement.
“Imagine Trump had just announced that the U.S. government was going to buy up tons of Beanie Babies,” Maddow said with a laugh. “We are going to establish a federal government reserve of billions of Beanie Babies. What do you think would happen to the value of Beanie Babies – right?
She continued to knock the president’s eyebrow-raising order as she compared the cryptocurrency fad of the 2020s, to the obsession with the plush collectibles created 30 years ago.
“It’s like when there was the Beanie Baby craze in the late 90s,” Maddow said. “People started buying these stuffed animals, right? Beanie Babies kind of inherently not worth much, but people were speculating on them, right? It was a Beanie Baby trading bubble, other than maybe some emotional value if you had one as a child, Beanie Babies didn't have much inherent value.”
The host – who Trump said hours earlier should be "forced to resign" – added though that they were still “worth buying up a bunch of them because there was speculation on the premise that as collectibles, maybe one day your Beanie Babies collection could be worth a lot of money.”
“Cryptocurrencies operate on the same idea,” Maddow continued. “They have no inherent value at all, the only value they have is if you have some reason to believe that somebody else might want to buy them from you in the future, that's it.”
She concluded that the “key to actually making money” is to convince others that “your crypto is popular and in demand, convincing people that your crypto thing is going to have value in the future.”
“It's going to be collectible as Beanie Babies.”
Trump’s action comes ahead of a White House crypto summit on Friday.
Watch the clip below or at this link:
Erik De La Garza
March 6, 2025
RAW STORY
(Screenshot via MSNBC)
President Donald Trump’s new executive order creating a “strategic reserve” of cryptocurrency was subjected to a brutal round of mockery by Rachel Maddow, who told MSNBC viewers Thursday that the move is reminiscent of collectors scooping up Beanie Babies in the 1990s.
“It is a deeply, deeply old fashioned simple scam at this point, which points right to the White House,” Maddow said.
Maddow on Thursday ripped into Trump’s order, which authorized the federal government to stockpile cryptocurrency assets seized by law enforcement.
“Imagine Trump had just announced that the U.S. government was going to buy up tons of Beanie Babies,” Maddow said with a laugh. “We are going to establish a federal government reserve of billions of Beanie Babies. What do you think would happen to the value of Beanie Babies – right?
She continued to knock the president’s eyebrow-raising order as she compared the cryptocurrency fad of the 2020s, to the obsession with the plush collectibles created 30 years ago.
“It’s like when there was the Beanie Baby craze in the late 90s,” Maddow said. “People started buying these stuffed animals, right? Beanie Babies kind of inherently not worth much, but people were speculating on them, right? It was a Beanie Baby trading bubble, other than maybe some emotional value if you had one as a child, Beanie Babies didn't have much inherent value.”
The host – who Trump said hours earlier should be "forced to resign" – added though that they were still “worth buying up a bunch of them because there was speculation on the premise that as collectibles, maybe one day your Beanie Babies collection could be worth a lot of money.”
“Cryptocurrencies operate on the same idea,” Maddow continued. “They have no inherent value at all, the only value they have is if you have some reason to believe that somebody else might want to buy them from you in the future, that's it.”
She concluded that the “key to actually making money” is to convince others that “your crypto is popular and in demand, convincing people that your crypto thing is going to have value in the future.”
“It's going to be collectible as Beanie Babies.”
Trump’s action comes ahead of a White House crypto summit on Friday.
Watch the clip below or at this link:
Trump to welcome crypto elite at White House
By AFP
March 5, 2025
Crypto czar David Sacks speaks at the White House on March 3, 2025 next to President Donald Trump - Copyright AFP Kirill KUDRYAVTSEV
Thomas URBAIN
US President Donald Trump, who has multiple ties to the crypto industry, will host the sector’s top players at a White House summit on Friday, as the field enjoys renewed momentum following his election.
The US crypto community rallied behind Trump’s campaign, contributing millions of dollars towards his victory over Joe Biden, whose administration tightened regulations and expressed skepticism toward digital currencies. Now, they’re seeing their support pay dividends.
Trump has waded into the space personally as well, partnering with exchange platform World Liberty Financial and launching his own “Trump” memecoin in January as his wife Melania did the same — moves that have prompted conflict of interest accusations.
The president’s “crypto czar,” Silicon Valley investor David Sacks, will convene prominent founders, CEOs, and investors with members of a Trump working group to craft policies aimed at accelerating crypto growth and providing the legitimacy the industry has long wanted.
Guests will include twins Cameron and Tyler Winklevoss, founders of platform Gemini, with reports that Brad Armstrong of Coinbase and Michael Saylor, the boss of major bitcoin investor MicroStrategy, will also be in attendance.
Hanging over the crypto resurgence is the fate of FTX, the once-leading crypto exchange that collapsed spectacularly when its CEO Sam Bankman-Fried was found to have defrauded clients massively. He is now serving a 25-year term in a US jail.
For believers, cryptocurrencies represent a financial revolution that reduces dependence on centralized authorities while offering individuals freedom from traditional banking systems.
Bitcoin, the world’s most traded cryptocurrency, is heralded as an alternative to gold or as a hedge against currency devaluation and political instability.
– Crypto warnings –
Critics maintain these assets function primarily as speculative investments with questionable real-world utility, warning that excessive deregulation could leave taxpayers on the hook for cleaning up market crashes.
Law enforcement agencies see digital assets as a means to launder ill-gotten money.
The proliferation of “memecoins” — cryptocurrencies based on celebrities, internet memes, or pop culture rather than technical utility — presents another challenge.
Much of the crypto industry frowns upon this practice because they fear it tarnishes the business, amid reports of quick pump-and-dump schemes that leave unwitting buyers paying for assets that end up worthless.
Despite his previous hostility toward cryptocurrencies, Trump has embraced the technology, declaring his intention to make the United States a crypto world power.
His administration has already taken significant steps to clear regulatory hurdles.
On Sunday, Trump confirmed plans for a strategic cryptocurrency reserve where the US government would deposit digital currency holdings acquired mainly from judicial seizures.
Jacob Phillips of Lombard Finance called this potential move “one of the strongest endorsements the industry has ever seen,” noting that several founders and teams have already relocated to the United States in response to the improving regulatory climate.
Trump also appointed crypto advocate Paul Atkins to head the Securities and Exchange Commission (SEC).
Under Atkins, the SEC has dropped legal proceedings against major platforms like Coinbase and Kraken that were initiated during Biden’s term.
The previous administration had implemented restrictions on banks holding cryptocurrencies (since lifted) and allowed former SEC chairman Gary Gensler to pursue aggressive enforcement despite the absence of clear legal frameworks.
– ‘Pivotal moment’ –
Addressing ethics concerns, Sacks announced on X that he has divested from his substantial crypto holdings and investments, with industry figures quickly vouching for his integrity.
Friday’s summit “marks a pivotal moment for the digital asset industry,” according to Elitsa Taskova of Nexo, a cryptocurrency financial services platform.
However, meaningful change will likely require congressional action, where crypto legislation has remained stalled despite intense lobbying efforts by investors including Trump ally Marc Andreessen, an influential venture capitalist.
Some lawmakers remain hesitant, troubled by scandals and recurring reports of market crashes, theft and scams.
The recent $1.5 billion theft from the Bybit platform underscores the risks cryptocurrencies still present.
Nevertheless, Dante Disparte of Circle, which issues the dollar-pegged USDC stablecoin, sees growing bipartisan support for crypto legislation.
He attributed this emerging consensus to proposals that include strong transparency and anti-money laundering requirements alongside consumer and market protections.
By AFP
March 5, 2025
Crypto czar David Sacks speaks at the White House on March 3, 2025 next to President Donald Trump - Copyright AFP Kirill KUDRYAVTSEV
Thomas URBAIN
US President Donald Trump, who has multiple ties to the crypto industry, will host the sector’s top players at a White House summit on Friday, as the field enjoys renewed momentum following his election.
The US crypto community rallied behind Trump’s campaign, contributing millions of dollars towards his victory over Joe Biden, whose administration tightened regulations and expressed skepticism toward digital currencies. Now, they’re seeing their support pay dividends.
Trump has waded into the space personally as well, partnering with exchange platform World Liberty Financial and launching his own “Trump” memecoin in January as his wife Melania did the same — moves that have prompted conflict of interest accusations.
The president’s “crypto czar,” Silicon Valley investor David Sacks, will convene prominent founders, CEOs, and investors with members of a Trump working group to craft policies aimed at accelerating crypto growth and providing the legitimacy the industry has long wanted.
Guests will include twins Cameron and Tyler Winklevoss, founders of platform Gemini, with reports that Brad Armstrong of Coinbase and Michael Saylor, the boss of major bitcoin investor MicroStrategy, will also be in attendance.
Hanging over the crypto resurgence is the fate of FTX, the once-leading crypto exchange that collapsed spectacularly when its CEO Sam Bankman-Fried was found to have defrauded clients massively. He is now serving a 25-year term in a US jail.
For believers, cryptocurrencies represent a financial revolution that reduces dependence on centralized authorities while offering individuals freedom from traditional banking systems.
Bitcoin, the world’s most traded cryptocurrency, is heralded as an alternative to gold or as a hedge against currency devaluation and political instability.
– Crypto warnings –
Critics maintain these assets function primarily as speculative investments with questionable real-world utility, warning that excessive deregulation could leave taxpayers on the hook for cleaning up market crashes.
Law enforcement agencies see digital assets as a means to launder ill-gotten money.
The proliferation of “memecoins” — cryptocurrencies based on celebrities, internet memes, or pop culture rather than technical utility — presents another challenge.
Much of the crypto industry frowns upon this practice because they fear it tarnishes the business, amid reports of quick pump-and-dump schemes that leave unwitting buyers paying for assets that end up worthless.
Despite his previous hostility toward cryptocurrencies, Trump has embraced the technology, declaring his intention to make the United States a crypto world power.
His administration has already taken significant steps to clear regulatory hurdles.
On Sunday, Trump confirmed plans for a strategic cryptocurrency reserve where the US government would deposit digital currency holdings acquired mainly from judicial seizures.
Jacob Phillips of Lombard Finance called this potential move “one of the strongest endorsements the industry has ever seen,” noting that several founders and teams have already relocated to the United States in response to the improving regulatory climate.
Trump also appointed crypto advocate Paul Atkins to head the Securities and Exchange Commission (SEC).
Under Atkins, the SEC has dropped legal proceedings against major platforms like Coinbase and Kraken that were initiated during Biden’s term.
The previous administration had implemented restrictions on banks holding cryptocurrencies (since lifted) and allowed former SEC chairman Gary Gensler to pursue aggressive enforcement despite the absence of clear legal frameworks.
– ‘Pivotal moment’ –
Addressing ethics concerns, Sacks announced on X that he has divested from his substantial crypto holdings and investments, with industry figures quickly vouching for his integrity.
Friday’s summit “marks a pivotal moment for the digital asset industry,” according to Elitsa Taskova of Nexo, a cryptocurrency financial services platform.
However, meaningful change will likely require congressional action, where crypto legislation has remained stalled despite intense lobbying efforts by investors including Trump ally Marc Andreessen, an influential venture capitalist.
Some lawmakers remain hesitant, troubled by scandals and recurring reports of market crashes, theft and scams.
The recent $1.5 billion theft from the Bybit platform underscores the risks cryptocurrencies still present.
Nevertheless, Dante Disparte of Circle, which issues the dollar-pegged USDC stablecoin, sees growing bipartisan support for crypto legislation.
He attributed this emerging consensus to proposals that include strong transparency and anti-money laundering requirements alongside consumer and market protections.
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