Newsletter: Trump horrifies even some of his crypto-steeped fans by launching a memecoin before his inauguration, and a flurry of activity from the new administration signals what’s in store for the crypto world in the next four years.
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Trump’s memecoin did not exactly receive a warm welcome from much of the crypto world, who were horrified that their crypto president would tarnish the industry’s sterling reputation by doing a blatant cashgrab.
In my view, the memecoin launch only adds to Trump’s long list of already very serious conflicts of interest and unethical activities.
The industry’s high hopes for a crypto-focused day one in office quickly sank. However, Trump eventually got around to them later on, issuing a pardon for Silk Road creator Ross Ulbricht on day two.
The much-awaited crypto executive order came later on. Instead of establishing a “bitcoin strategic reserve”, Trump created a committee to think about whether to recommend he establish a stockpile from digital assets already held by the government.
So everybody was freaking out about the prospect of the US government buying into crypto bigtime and possibly tanking the economy with the next crypto crash.
This doesn't look as bad though right? Just hanging on to confiscated assets does not put us at risk?
@Phosphenes a bitcoin stockpile/strategic reserve is only one way that they would introduce widespread economic risk, and IMO the deregulatory moves hold much more systemic risk