Crypto Dreams: Trump's Big Plan for Your Money

A big idea is on the table. The president wants the US to create a huge stash of cryptocurrency. This plan was announced in a pair of social media posts. The first post mentioned three smaller cryptocurrencies - XRP, Solana, and Cardano, which briefly caused their prices to spike. Later, he included the big names, Bitcoin and Ether. This idea isn't new. It's part of a bigger goal to make the US the "Crypto Capital of the World. " But there's a catch. The company that owns the president's social media network has big plans to invest $250 billion in the crypto industry. And the president is the largest shareholder. The Securities and Exchange Commission recently dropped a case against a Chinese businessman who invested in a crypto token. This move is a big shift from the Biden administration's efforts to regulate cryptocurrency. The value of cryptocurrencies like Bitcoin surged after the election, but it has stalled recently. The president's move away from regulation is exactly what some tech billionaires want. The president appointed David Sacks, a tech billionaire, to be a crypto and AI czar. Sacks sold all of his cryptocurrency before joining the administration. His firm, Craft Ventures, is invested in Bitwise, an asset manager that offers crypto index funds. A strategic reserve of cryptocurrency could potentially pay down the national debt in the future. But there are risks. Cryptocurrency investments could go up in smoke, which would be a waste of taxpayer dollars. The president has suggested using the more than 200, 000 bitcoins seized through criminal and civil actions to start building the reserve. There are other proposals, like using money from the Federal Reserve or leveraging the US government's gold reserves. The president and Elon Musk have talked about visiting Fort Knox to check on the gold. This has fueled a conspiracy theory. During the first administration, photos were obtained of then-Treasury Secretary Steven Mnuchin and former Senate Majority Leader Mitch McConnell posing with gold bricks in the vault. It's unclear if Congress will support this idea. There will be an opportunity for insiders to discuss it at a Crypto Summit hosted by the president and Sacks. The summit will include prominent founders, CEOs, and investors from the crypto industry. Some politicians are against the idea. Senator Patty Murray criticized the president for trying to invest in Bitcoin while cutting government programs. She said, "While he chokes off cancer research and fires VA researchers, the President is using your taxpayer dollars to buy crypto and enrich his personal allies. " The president's plan has sparked a lot of questions and debates.