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Trump’s Crypto Reserve Will Bail Out Silicon Valley and Wall Street Billionaires at the Expense of Average Americans
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by Brian Shilhavy, Health Impact News:
One of Donald Trump’s campaign promises was to create a government “Crypto Reserve” where the U.S. Government would own cryptocurrency assets to be used to run the country.
Much of the talk was originally about the U.S. Government owning Bitcoin, but this past weekend Trump announced that it would include other cryptocurrencies as well.
The news originally sent cryptocurrency values higher, but most of them came crashing back down today, as did Wall Street in general.
TRUTH LIVES on at https://sgtreport.tv/
Trump Crypto Rally Fizzles After Skepticism on Reserves Plan
(Bloomberg) — Donald Trump’s announcement that the US will include three lesser-known digital tokens in its strategic crypto reserve was greeted with skepticism in the industry, with investors questioning the project’s merits and the coins he selected giving up some of their initial gains.
Trump said Sunday on Truth Social that the XRP, SOL and ADA tokens will be included in the reserve, along with Bitcoin and Ether. The news ignited an immediate crypto rally, offering relief to an asset class fresh off its worst month since 2022.
Yet the initial euphoria soon gave way to questions about everything from the feasibility of Trump’s plan to the motivations behind it. Crypto markets were mostly back in the red on Monday, with XRP, SOL and ADA each suffering intraday declines of more than 10% after soaring the day before.
The February crypto rout had put pressure on Trump, who returned to the White House after the industry showered him with campaign donations and praise. Even the Securities and Exchange Commission’s reversal of a years-long crackdown had failed to stem the selloff, which many attributed in part to nervousness about Trump’s trade tariffs and dramatic moves to gut government programs. (Source.)
Financial advisor Catherine Austin Fitts of the Solari Report has been very vocal against any kind of Bitcoin or Crypto Reserve by the government, referring to it as a “reverse Robinhood” of stealing from the poor and giving it to the rich. Her fears are that such a reserve would be used to buy real assets, such as real estate, while leaving speculative cryptocurrencies in people’s pensions and retirement funds.
Here are a few short video interviews where she discusses this.
The Bitcoin Strategic Reserve Fund Is about a Land Grab
Crypto for the Land and Real Estate Swap Is Coming
By Breaking Securities Laws, Musk’s Conflicts of Interest Are off the Charts
Catherine and the Solari Report has a Substack Page now, and she published a good overview and summary of this proposed Crypto Reserve at the end of December.
Excerpts:
Who Is Proposing the Creation of Bitcoin Strategic Reserves?
Several proposals for a Bitcoin strategic reserve were floated during the 2024 U.S. presidential election campaign.
At the Bitcoin 2024 conference in Nashville in July, President Trump promised, if elected, to fire Securities and Exchange Commission (SEC) Chairman Gary Gensler, whose regulatory policies and enforcement are unpopular with the crypto industry. In addition, Trump proposed halting sales of existing DOJ holdings of approximately 208,000 Bitcoins representing asset seizures and moving the position to Treasury as a permanent holding. This would ease downward price pressure in the relatively illiquid Bitcoin market.
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March 4, 2025 at 05:06AM
March 4, 2025 at 05:10AM
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