The genius idea is to kill the economy and the average consumer with the tariffs. But simultaneously run a ponzi scheme that prints unbacked Tethers and props up Bitcoin, making yourself richer. Fu**ing genius! The Lutnick way! Lutnick will more than 100% get ousted from the cabinet before mandate ends; probably when it all comes crashing down.
All in the First Family: Trump Media & Technology Group, the social media company controlled by the president's family, plans to raise $3 billion to buy cryptocurrencies. + + + { Behind FT paywall } Then I came across this on Bloomberg:- Shares in Trump Media jumped premarket on a FT report that it plans to raise $3 billion to buy cryptocurrencies such as Bitcoin, in a bet on the kind of assets being championed by the president. The company—which is majority owned by Trump—has already been pushing the boundaries between business and public office
How high would BTC need to go for you to change your mind? $150k, $200k, $300k, $500k... I'm not a bitcoin believer either but I can't deny the numbers. I have my doubts about how it will hold up when the next big recession (big stock bear) comes calling. Will it be a haven in the storm, or sink with all the other risk assets?
If it were to go to $150K, i would admit it's revolutionary technology poised to cure cancer and end world hunger.
I get you. I can't see much point to it either. And it consumes a disgusting amount of energy. But there are plenty of other things which serve little or no purpose, other than holding or appreciating in value. Gold is arguably just as bad. Mining it also consumes a shed load of energy and worse still many mining operations around the world exploit workers, damage communities, and scar the environment. Apart from a few uses, most of it just sits in vaults doing absolutely nothing. Is BTC really any worse as a store of value?
This is a pretty big deal. But now they need to give a discount to the people paying with Bitcoin. When I use my Visa, I get points, so by using Bitcoin, I would need a slightly better deal to compensate me for missing my points. So if they can arrange this, its a game changer. 1% discount and no need to register a taxable event would be wild! (of course this is up to government legislation though)