Trump Turns Bitcoin Into Test of Patriotism
Trump Turns Bitcoin Into Test of Patriotism
Former president Donald Trump is now fully embracing Bitcoin, flipping his stance after saying he was "not a fan" of crypto five years ago.
its a flexible valuation he can manipulate with words and far less regulation. makes sense for a public con artist
This is it. He had a taste of pump and dump securities fraud with the SPAC. He has spotted a new scam.
Almost like he learned from Musk and his manipulation of Dogecoin or whatever
Trump said in a Truth Social post Tuesday. “Biden’s hatred of Bitcoin only helps China, Russia, and the Radical Communist Left. We want all the remaining Bitcoin to be MADE IN THE USA!!! It will help us be ENERGY DOMINANT!!!”
Didn't COMMUNIST China ban it mostly because it was putting strain on their grid? Not sure how wasting states worth of electricity to fuel a glorified ponzi scheme is going to help with energy dominance but who am I to question the self-proclaimed genius.
Just tell him the only way to mine it is with windmill power. He'll change his tune.
They banned exchanges because people were able to move their wealth out of China
I just... I... what goes through this man's head? Why is literally every sentence he spews completed bullshit? And why do so many people fall for it?
he's propped up by like 7 billionaires with media companies and a lot of editing.
The broad masses of a nation [...] more readily fall victims to the big lie than the small lie
Yeah it's telling that this grifter is talking about Bitcoin when most other cryptos are massively more efficient. Even within crypto bitcoin is an obsolete technology. This is more for the like coal sector than crypto.
Yes, some of the biggest crypto providers are de facto chinese. They trade big time, always have. When techno idealists in the west were still discussing Bitcoin as a free currency over a decade ago, china already ran gigantic crypto miner farms and saw it only as a speculative asset. They knew from the very first day it‘s not about using crypto, but making money trading and holding it.
“Bitcoin mining may be our last line of defense against a CBDC [Central Bank Digital Currency],” Trump said in a Truth Social post Tuesday.
lol, no shot he wrote this.
He probably can't even read it. "Man. Woman. Camera. CBDC."
He did just have a fund raiser in SF with some billionaire crypto bros....so he may not have
Everyone who has not regarded crypto as a scam will certainly do, once he's done with the pump and dump he's setting up here.
I dunno man, the trumpets still buy whatever shit he shovels out and they don't seem to have caught on that he's a scammer yet...
A fool and their money are soon seperated.
Sunk cost is a strong salesman.
Bitcoin is only a few points off it's all time high... Who's getting scammed by that?
(On the other hand I would recommend switching to a sustainable crypto.)
What I expect will happen: have his followers buy in at current high price point -> price goes higher -> him and his rich whale friends sell -> price goes down -> the people who just invested because he promised big stonks but realistically can't afford to leave their money in for years panic and sell -> price goes down -> him and rich friends buy in again.
Sure, it's mostly his followers getting scammed, but if this does happen I can't imagine them not vocally blaming BTC for losing their money - which would likely fuel the crypto is a scam narrative.
Maybe his words are not influential enough to actually sway the price and nothing will come of it though, but based on the previous things he has done (his NFTs, the truth social stocks) if he has the opportunity to take money from his supporters, he certainly will.
Crypto isn't a scam, though lots of cryptocurrencies are scams. Don't buy crypto to try to get rich or even as an investment, get it if you want to buy stuff with it. Monero is a great cryptocurrency for that, and you can tell it's doing well by how many countries are threatened enough by it to make it harder to get (it has truly private transactions, just like cash).
I don't think he's doing any sort of pump and dump, he just wants crypto bros to vote for him. He tried courting libertarians at their convention (and rightfully got booed), and now he's courting crypto bros specifically (many libertarians are into crypto). He's just trying to expand his base a bit.
I didn't say crypto was a scam, but it is regarded as a scam in general and as you said, it's pretty easy to get scammed trading it or using it if you don't know what you're doing - which would definitely be true for anyone buying in on a public figure's advice.
It's also an incredibly volatile market which is relatively easily influenced by large players without much regulation. If he does have the influence to manage to impact it, I am pretty sure he would happily take his gains from his followers. If he doesn't, well let's just hope all the people who buy in without any research don't lose their money by selling as soon as the next crypto winter comes for a massive loss.
Once again Trump proves himself to be a mere opportunist and grifter without principles or convictions. While in office Steven Mnuchin tried to kill crypto at the behest of the banking industry and Trump was vocal against Bitcoin. Once he left the White House he peddled his own NFTs.
without principles or convictions
He has 34 convictions
A criminal saying that a laughable scam that is mostly used for criminal activity is good? Who would have thought? Oh right, everyone.
He was anti-Bitcoin until recently though. Now suddenly he's all-in on it. Obviously something major has changed. One person speculated that this is to appeal to libertarians. I'm suggesting that along with that, the Saudis, who are in tight with Trump, just announced that they are abandoning the petrodollar and are considering trading in Bitcoin.
Oh. Donald must have bought some Bitcoins so it is time to pump for a dump.
Bet Trump has moved campaign money to buying bitcoin through some shady investment vehicle.
It's like trying to watch a 5 year old lie about eatching chocolate, when theres chocolate on their nose.
It would be funny and adorable if he weren't so hateful and racist, with real world consequences.
If this is a move to commit dark money campaign fraud again before his sentencing on the last case of it is even done I would want to see a live reaction of the judge when he hears that
Don’t think anyone is all that surprised by the depths of Trump’s corruption at this point.
there was a time when conspiracy loons would fearmonger about "digital currency" and "cashless society" and yet here we are...
They still are.
Bitcoin mining may be our last line of defense against a CBDC [Central Bank Digital Currency],” Trump said in a Truth Social post Tuesday
Don't use the imaginary digital currency made by the deep state. Use this specific digital currency that I have a huge financial interest in!
This dude probably has a much bigger stake in USD than BTC. The main difference is that USD always loses value.
Yes, here were are with digital currency. No need for quotes.
He realized that if you have a large number of people on remote control, you can do pretty well with Ponzi schemes.
Oh yeah. I remember this episode of Mr. Robot
"Don't use Bitcoins! They are EVIL! Give them to me, I'll take care of them!"
But what if the bitcoin is made on an electric boat that is being attacked by sharks?
Taking pointers from Elon's playbook with Doge, I see.
Phew, can finally cross this off my short list of things he hasn't been completely hypocritical about.
Bitcoin doesn't move like the stock market. There's no hedge funds to call to naked short a nonexistent Bitcoin Inc in to the dirt. This means nothing.
That said I'd live bitcoin to go to a penny. I'd buy and hodl. I'd buy and hodl hard.
That said, fuck Trump. But not literally because his lineage should be pruned.
Tin-foil hat time but I'd be willing to bet they have mechanisms to do something resembling naked shorting with crypto. I have no idea what that voodoo might be, but they conjure shares out of thin air for shorting stocks, and they've managed to package crypto into ETFs some-fucking-how so why not. I feel like I'm increasingly noticing that nothing really seems to crash anymore.
Bitcoin has been moving like the stock market since 2020. Big investors got involved, small investors lost trust in stocks. I don't fully expect the current halving to cause the rally like all the other times it halved. That is assuming it doesn't keep bombing shortly after breaking $69,420, what I suspect is a meme sell limit price.
Scammers gonna scam.
So...which government got his claws in him this time? Taking all bets.
He must have had some girl pee on him in El Salvador.
Everybody sell. You know how you can't really tell when a stock is going to tank? Well, this time it's like we're doing economics with training wheels. You won't get hurt, and you can see what's coming. You just gotta sell now before the floor drops out.
We do not control USD.
Make me some money!!
Its trump. He bankrupted THREE casinos. And you trust THIS GUY to make you money???
he couldn't even hide an affair.
It’s surprising that he used to be a pro-crypto. Sad he lost a sane brain cell.
This is the best summary I could come up with:
Last month, his campaign began accepting crypto donations, calling the decentralized currency a reflection of Trump’s commitment to “freedom over socialistic government control.”
“Bitcoin mining may be our last line of defense against a CBDC [Central Bank Digital Currency],” Trump said in a Truth Social post Tuesday.
The former President met with the country’s largest Bitcoin mining companies on Tuesday night, according to The New York Times and several photos posted by crypto executives.
Trump may be hard-pressed for cash these days given his recent conviction, ongoing legal cases, and, oh yeah, the upcoming 2024 Presidential Election that’s less than five months away.
The crypto community, which is searching for allies in D.C. to create friendlier policies, could offer a meaningful source of funding to Trump in this critical final stretch.
Tech venture capitalists David Sacks and Chamath Palihapitiya also just threw a fundraiser for Trump last week, which drew high-profile Bay Area executives and big donations.
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Bitcoin it's nothing else than the way the west it's fighting against the Chinese economy, it's just making money anonymously where there is no money. Better than using the classic central bank method.
This is somewhat of a conspiracy theory but I'm surprised it's not a more popular conspiracy theory. I've always had the suspicion that crypto is an op by cia/nsa or like japan or somebody.
What's better to sustain a fake economy than a mechanism to make money from nowhere anonymously? I mean isn't like someone will push a button and do it, it's more like the bigger owners of bitcoin are a handful of people/corps and they can easily coordinate their actions to manipulate the value. WO mention it trading on the stock market..