"President-elect Donald Trump has said many negative things about cryptocurrencies. Their value is “based on thin air,” he remarked; they
can “facilitate unlawful behavior.” Bitcoin “seems like a scam,” he told
Fox Business in 2021. “I don’t like it because it’s another currency competing against the dollar.” Things change. This year, Mr. Trump
proposed that “if bitcoin is going to the moon, I want America to be the nation that leads the way.”
There are plausible explanations for the change of heart. None, however,
are reassuring, given cryptocurrencies’ track record. In 15 years, they
have proved especially useful for illicit activities, and not any better
than conventional currencies for much else. Either Mr. Trump has
conducted some novel — and faulty — policy analysis, or he is seeking personal gain.
One motivation for Mr. Trump’s crypto turn seems clear: During his
campaign, he appealed to the burgeoning crypto lobby, a motley group of
techie libertarians and opportunists seeking easy money to whom he
promised a national crypto reserve (which would offer crypto speculators
an opportunity to monetize their investment on the U.S. government’s
dime). Another concerning possibility: Mr. Trump himself appears to be
trying to cash in on cryptocurrency, raising a new set of questions
about the conflicts of interest he will bring to the Oval Office.
In mid-September, weeks before the election, Mr. Trump announced his
newest business project: World Liberty Financial, a somewhat nebulous
venture that will provide a platform for people to borrow, lend and earn interest on crypto. Mr. Trump apparently won’t be a “director, founder,
or employee of, or manager, owner or operator” of the thing, according
to the “Gold Paper” that lays out plans for the enterprise. He will
serve as “Chief Crypto Advocate.” His sons, Donald Jr., Eric and Barron, will serve as “Web3 Ambassadors.”"
https://www.washingtonpost.com/opinions/2024/11/27/crypto-bitcoin-trump-conflict-interest/
WashingtonPost fails to mention the US government needs more people to
buy and hold US dollar.
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