Lots of talk about how these coins fleeced the rubes. Significantly less about where all that money went and how Trump's finance-bro allies are becoming bolder than ever.
Don't forget the Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide Act of 2024 or the BITCOIN Act of 2024 which will likely see the floor again in 2025.
This bill provides for the acquisition and storage of the cryptocurrency Bitcoin by the U.S. government.
The Department of the Treasury must purchase one million Bitcoins over a five-year period and hold the Bitcoins in trust for the United States. All Bitcoins acquired under this bill must be held for at least 20 years unless used to retire outstanding federal debt.
The bill directs Treasury to establish a Strategic Bitcoin Reserve for the secure storage of U.S. Bitcoins. The reserve must be a decentralized network of secure facilities across the United States. Existing U.S. Bitcoin holdings must be transferred to the reserve. States may voluntarily store Bitcoin holdings in the reserve in segregated accounts.
The bill also reduces the total amount of U.S. dollars Federal Reserve banks may hold in surplus and requires Federal Reserve banks to remit a certain amount of net earnings annually to the purchase of Bitcoins.
So much of the exit strategy for cryptocurrency brokers involves offloading them to the US Treasury and other public brokers / pension funds at these hyper-inflated values. Are we really that far away from $TRUMP and $MELANIA coins being bulk-purchased by the President's cabinet secretaries at the order of his cronies in the legislature?