Molly WhiteNewsletter: President on brink of bailout for bitcoin
Trump tries to breathe life back into the crypto markets’ “Trump pump” while federal regulatory agencies wash their hands of any crypto industry oversight
While cryptocurrencies were once viewed as a subversive financial instrument intended to be independent from governments, banks, or the traditional financial system, it’s become clear that the crypto world is deeply dependent on outside forces propping it up.
Seeming to respond to the panicked pleas from the cryptocurrency industry, Trump rescued bitcoin from its below-$80,000 slide in a Sunday Truth Social post reiterating his plans for a “U.S. Crypto Reserve”.
But the “announcement” doesn’t seem to actually announce anything new, and instead seems to be Trump’s attempt to apply some electroshock paddles to the easily swayed crypto markets.
Every time he does this, it seems to work less and less.
Class Wario@molly0xfff “directed the Presidential Working Group to move forward”
That sounds like “game on” language to me.
With an eye to vague oversight (currently being dismantled), culpably deniable yet administratively actionable language would make sense. And Trump fixer Cohen demonstrated that Trump doesn’t do hard asks or tells.