Trump Names Cryptocurrencies for 'Digital Asset Stockpile' in Social Media Post (cnbc.com)
- Reference: 0176593819
- News link: https://news.slashdot.org/story/25/03/02/2327231/trump-names-cryptocurrencies-for-digital-asset-stockpile-in-social-media-post
- Source link: https://www.cnbc.com/2025/03/02/trump-announces-strategic-crypto-reserve-including-bitcoin-solana-xrp-and-more.html
> XRP surged 33% after the announcement while the token tied to Solana jumped 22%. Cardano's coin soared more than 60%. Bitcoin rose 10% to $94,425.29, after dipping to a [3]three-month low under $80,000 on Friday. Ether, which has suffered some of the biggest losses in crypto year-to-date, gained 12%... This is the first time Trump has specified his support for a crypto "reserve" versus a "stockpile." While the former assumes actively buying crypto in regular installments, a [4]stockpile would simply not sell any of the crypto currently held by the U.S. government.
"The total cryptocurrency market has risen about 10%," [5]reports Reuters , "or more than $300 billion, in the hours since Trump's announcement, according to CoinGecko, a cryptocurrency data and analysis company."
"A U.S. Crypto Reserve will elevate this critical industry..." the president posted, promising to "make sure the U.S. is the Crypto Capital of the World," [6]reports The Hill :
> His announcement comes just after the White House announced it would be welcoming cryptocurrency industry professionals on March 7 in [7]a first-of-its-kind summit ... It's unclear what exactly Trump's crypto reserve would look like, and while he previously dismissed crypto as a scam, he's embraced the industry throughout his most recent campaign.
[1] https://slashdot.org/story/25/01/23/222248/trump-issues-executive-order-to-create-cryptocurrency-working-group-establish-digital-asset-stockpile
[2] https://www.cnbc.com/2025/03/02/trump-announces-strategic-crypto-reserve-including-bitcoin-solana-xrp-and-more.html
[3] https://www.cnbc.com/2025/02/28/bitcoin-hits-over-3-month-low-reversing-gains-post-trump-election.html
[4] https://politics.slashdot.org/story/24/07/27/2141234/trump-says-hed-oppose-cbdcs-pardon-ulbricht-and-create-a-strategic-national-bitcoin-stockpile
[5] https://www.reuters.com/world/us/trump-says-cryptocurrency-strategic-reserve-includes-xrp-sol-ada-2025-03-02/
[6] https://thehill.com/policy/technology/5171815-trump-announces-us-crypto-reserve/
[7] https://thehill.com/policy/technology/5171305-white-house-to-host-first-crypto-summit/
If Trump is backing this (Score:5, Insightful)
You know [1]it will fail [time.com]. And that isn't the all inclusive list. There are other business failures he is directly responsible for. When he jumps in, it's time to jump out.
[1] https://time.com/4343030/donald-trump-failures/
Re: (Score:2)
Does Trump actually have any business successes that are not based on fraud? With his handling of the "negotiations" with Putin, were he essentially gave everything away without any advantages, I am beginning to think Trump does not know how to make deals. Like, at all.
Re:If Trump is backing this (Score:5, Insightful)
He had a successful TV show.
He's a Russian asset. What else is there to say?
Re: If Trump is backing this (Score:2, Insightful)
Why let your crazy conspiracy stop there?
If he is a Russian asset, then there is also plausibility that China have several democrats as Chinese assets. Do we have European Union assets? Can African countries have foreign assets in America? Did the Saudis have Bush as their foreign asset?
Re: (Score:2)
No conspiracy here. Why was Russian state media at the Whitehouse? [1]https://www.politico.com/news/... [politico.com]
[1] https://www.politico.com/news/2025/02/28/tass-oval-office-trump-zelenskyy-00206739
Re: (Score:1)
"If he is a Russian asset, then there is also plausibility that China have several democrats as Chinese assets"
False. You not liking a plausible claim is not justification to make an unsubstantiated one. There is plenty of reason to believe Trump is a Russian asset, what's your evidence for these "several democrats"?
Usually, partisan hacks try to hide their lies. Not you.
"Do we have European Union assets? Can African countries have foreign assets in America? Did the Saudis have Bush as their foreign asse
Re: (Score:2)
No conspiracy theory. He went to Russia in 1987. When he came back, he paid for full page ads that attacked NATO, in several major US papers. He's an asset.
Re: (Score:2)
Anyone who lived through the cold war should know that it was SOP for the Eastern services to create kompromat on VIP visitors to their countries. Given Donny's sexual apatite coming by this should have been as easy a taking candy from a baby.
Then of course there's now two former KGB agents on the record who claim that our Donnie boy was recruited back in the eighties.
This article, which is highly skeptical of the claim, reports on these on the record statements by the former KGB men.
[1]https://www.indiatoday [indiatoday.in]
[1] https://www.indiatoday.in/world/story/russia-recruit-donald-trump-as-agent-krasnov-a-kgb-spy-35-years-ago-alnur-mussayev-soviet-intelligence-2685175-2025-02-25
Re: (Score:2)
> Why let your crazy conspiracy stop there?
> If he is a Russian asset, then there is also plausibility that China have several democrats as Chinese assets. Do we have European Union assets? Can African countries have foreign assets in America? Did the Saudis have Bush as their foreign asset?
I doubt Trump is directly compromised and works with a Russian handler. However, he's easily manipulated (which is why there was no 2nd debate with Harris), and Putin has been able to push him in ways favorable to Russia. So, Trump is a Russian asset in that sense.
Is there at least one Democrat that works directly with Russian handlers? Almost certain so. Are any of them President of the United States? The mathematical probably is zero right now and likely zero considering all past presidents.
Re: (Score:2)
"He had a successful TV show."
No, he did not. Trump was an actor on someone else's successful TV show.
Re: (Score:2)
Trump starred in and co-produced the show. I think that qualifies as his show to a reasonable extent.
The point being, a shitty but successful show is his only successful non-con business venture.
Re: (Score:2)
I don't think Trump co-produced it, he just took the credit. If he'd actually co-produced it it wouldn't have been successful.
Re: (Score:2)
He only thinks he's a master dealmaker because he ran a big business that pushed a lot of little businesses around. He never had to negotiate a deal where he didn't have an overwhelming power advantage before becoming President.
Re: (Score:2)
If he plans to use taxpayer money (or most likely, debt spending) to buy cryptocurrency, that technically can't fail. It's a dumb idea and a waste of money, but if the goal is to have the US government become a cryptocurrency bag holder, that's an easy achievement to unlock.
Cryptocurrency itself probably isn't going away anytime soon. Its value certainly could (and probably will) crater, but there's too many true believers (and criminals) for us to be lucky enough for it to ever go away completely. Worst
Re: (Score:1)
To be fair his crypto projects have so far been wildly successful.
Good (Score:5, Funny)
I'm sure this will bring the cost of eggs down!
Re: Good (Score:1)
Damn you ACs just scream all day at the backside of that closet door none of you have the courage to open and strut through.
Re: Good (Score:1)
Everyone knows you click on AC cause it actually stands for Anal Candy, your favorite.
Re: (Score:2)
I fucking hate PETA. Bunch of bleeding heart vegans, ultimately bent on causing the extinction of every domesticated animal species (it's true, look it up).
My brother raises chickens. They literally do not give a single care in the world over where they're gonna pop out an egg. Seriously, they lay them everywhere . You'd have to be a member of some brainwashed cult to come to the conclusion that there's any sort of ethical dilemma in eating something that the chickens don't even notice is gone.
Re: (Score:2)
On my father-in-law's farm, on more than one occasion I've seen a cow hide her calf and then forget where they left it... although mama cow does get upset when that happens, unlike the chickens and their eggs.
That was apropos of nothing, in case anyone is wondering.
Re: (Score:2)
> Everyone on the internet gets their eggs from someone's backyard farm.
Even well-loved backyard chickens aren't good enough for PETA. Technically, they'll claim that they're in favor of chickens being pets if they're "rescued", but don't you dare breed any more of them.
That's the problem with PETA. The concept of ethical treatment of animals sounds like a completely reasonable thing and most people assume they're just against things like big factory farms. Well, they are, but if PETA ever had their way, ending the practice of keeping backyard chickens is also one of their g
Re: (Score:2)
I mean, it's one egg, Michael. How much could it cost? 10 bitcoins?
of course it will on Mon and maybe Thursday night (Score:2)
once we start paying for eggs in BTC price will fluctuate daily +/-20% - at least we will be decentralized while all transactions will run thru IRS ledger.
No surprise (Score:4, Insightful)
Got to keep pumping the bubble to continue the grift
Re: (Score:2)
And such grift. Consider #TRUMP. Untraceable bribes from any foreign despot or anyone outside the US sphere of influence, but it gets better. Mega-donors, foreign and domestic, can buy #TRUMP as a legitimate investment. POTUS cashes out and the value crashes. The mega-doners write off the cash loss (with tax deductions) as just a bad investment while benefiting from the gained influence. All legal and totally indistinguishable from bribery. (And you have to expect that the named "reserves" already ha
Re: (Score:2)
The bribes are out in the open:
"SEC halts fraud prosecution of Chinese national who sent Trump millions"
[1]https://popular.info/p/breakin... [popular.info]
[1] https://popular.info/p/breaking-sec-halts-fraud-prosecution
Re: (Score:2)
None of these are "bribes" in an illegal sense, they're all just investments in crypto. It's not a crime to make a bad crypto investment - or making a good one if you look at the Trump side of the equation. And good luck proving that his $30M investment had any influence on the SEC dropping the investigation. It's would tax credulity to suggest that there was not, but that doesn't amount to proof.
Re: (Score:2)
It sounds like you think it was a bribe in an illegal sense (and I definitely do).
I agree that there's unlikely to be proof and that even if there is, I doubt it'll be investigated.
But that doesn't mean it wasn't an illegal bribe, just that it's not provable.
Re: No surprise (Score:2)
schrodinger's bribe
Re: (Score:2)
Even if they're not bribes they're at least violations of the emoluments clause, although the legal system is too slow to bring a case on that against a President within a single term as we saw last time. Even if he does stay in office for more than 4 years so that the case has time to proceed against him, the immunity granted to him by the Supreme Court would make such a case pointless, just as with any bribery case presumably.
Re: (Score:2)
Transactions on Solana are traceable. It is not a privacy chain.
President's kids insider trading (Score:5, Interesting)
U.S. President pumping minor cryptocurrencies while his kids cash in ..
https://x.com/BitcoinNewsCom/status/1896231949972431182
Re: (Score:2)
wow, I was expecting long term pump, not overnight.
How much owned? (Score:4, Insightful)
Do we want to take an guesses how much President Musk and Trump invested in these before making the announcement?
Re:How much owned? (Score:4, Insightful)
Trick question, nobody will ever know if they launder it correctly.
Re: (Score:2)
> Do we want to take an guesses how much President Musk and Trump invested in these before making the announcement?
Let me try: nothing.
Elon doesn't need the money and Trump never spends his own.
Re: (Score:2)
> Elon doesn't need the money and Trump never spends his own.
Is that why Elon fought so hard to get his $46 billion payday from Tesla. HE doesn't need it, but he still wants it. And Trump will surely use any money he can get his hands on, especially for a grift like this one.
So the felon is preparing to pump? (Score:2)
No surprise there.
Re: (Score:3)
That was the pump. Trump's buddies and whoever else was in on this scheme already bought in before the announcement. We're now in the "dump" stage, but the future bag holders don't know it yet.
I was wrong (Score:2)
fjo3 was right :-(
[1]https://slashdot.org/comments.... [slashdot.org]
[1] https://slashdot.org/comments.pl?sid=23522683&cid=64953277
Goose meet gander. (Score:2)
So happy Republicans have finally listened to their own complaints about Democrats and got the government to stop picking winners and losers. /s
The Crypto Stockpile Experiment (CSE) (Score:2)
This would actually be an interesting experiment. All crypto that the US seizes is being held for a very long time. Two things ought to happen:
(1) the value at seizure is recorded and tracked from thereon out. The data are publicly available.
(2) We all watch how long it would take to steal any of these assets. Think if it as a test portfolio. Except with real crypto (lol, "real" crypto).
Benefits: long-term data on crypto in a real-life scenario, without really harming anybody (see El Salvador!). And an ongo
Sound investment /s (Score:2)
Stockpiling vast national funds in things whose values can fluctuate wildly and be easily stolen -- oh, wait ...
Incomplete (Score:4, Insightful)
A crypto reserve is useless without a matching unicorn sanctuary.
Re: (Score:2)
And a beer volcano.
Too funny! (Score:2)
> Bitcoin rose 10% to $94,425.29
LOL! Hadn't looked in a while, but burst out laughing when I read that! The fact it rose 10% to $94K, well below that magical $100K+ it used to be!
This whole thing wreaks of manipulation.
Pump and dump (Score:2)
Use tax payer dollar to pump the crypto and rug pull, then followed by establishing sovereign wealth fund (again funded by debt) to pump and dump the stock market. These guys are looting in our face and MAGA is just saying thank you more please
Best president ever (Score:5, Insightful)
Real good use of our tax dollars, thanks Donald.
Re: (Score:1)
Bah. You're just envious you're not getting rich from the scam.
Re: (Score:3)
> Bah. You're just envious you're not getting rich from the scam.
If you could get people to answer honestly, I'm sure most folks would be happy with some ethically gray easy money. Thing is, in addition to having a somewhat flexible sense of morality, you also have to be part of the inside circle (and also have some extra money kicking around to "invest", lest the rent go unpaid if things go wrong). Without insider knowledge, by the time the news of the "pump" has broken, we're already in the "dump" stage and the people in on the scam have made their money. The people
Re: (Score:2)
I think there was an episode of Malcolm in the Middle or some similar show where a teacher got scammed. The kid told him about the scam and said he should sell, but then the teacher said that he'd only be screwing somebody else.
That level of morality is shat upon by Musk. He'd call it empathetic suicide or something.
Hey, ChatGPT says it is Malcolm in the Middle. What a useful too, to find episodes of old shows. Totally worth destroying the world. I didn't watch the whole episode. I just caught like the