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The Taxpayers Are Going All In on Crypto. It’s a giveaway to Trump’s supporters. (archive.ph)

submitted 3 days ago by btaf45@lemmy.world to c/usa@midwest.social

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For the taxpayer, the purpose of such an initiative is obscure. The crypto industry is a hyper-speculative casino. It is not essential to the American financial system, nor are cryptocurrencies essential to the American public. Workers cannot put bitcoin in their gas tanks; parents cannot feed XRP to their kids; businesses do not need cardano to build roads, light cities, produce vaccines, or provide loans to homeowners and entrepreneurs.

Yet for the White House, the purpose is obvious. Trump’s commerce secretary, his AI and crypto czar, and several of his most influential policy advisers are crypto investors, and the president launched his own meme coin. Establishing a reserve would boost prices, enriching these public officials and the crypto magnates donating tens of millions of dollars to Republican campaigns. It would not be a public investment, but a private giveaway—one of a mounting number in the Trump era.

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[–] Zexks@lemmy.world 3 points 3 days ago

If the infrastructure that supports bit coin goes down you’re in a lot more hurt than not having access to money. And more than likely a shiny yellow rock isn’t going to mean shit when winter rolls around and there’s no electricity.