" Trump's new cryptocurrency, $Trump, soared and then crashed exactly like a Ponzi scheme. It generated enormous profits for insiders and a cumulative $2bn in losses for more than 800,000 other investors.
Musk has been promoting Dogecoin since 2019. Its value surged over 70% in the days following Trump's announcement of the launch of Musk's so-called
"department of government efficiency" (Doge). Since then, it's dropped like a rock. A classic Ponzi scheme
On Friday, Trump is holding a "crypto summit" at which he'll promote the idea of a federal crypto reserve that will give crypto schemes a temporary boost by increasing demand for them.
But why should American taxpayers foot the bill for a crypto reserve? The most obvious winner will be Trump, whose own crypto venture carries millions of dollars in tokens that are to be included in the reserve. Other winners will be crypto executives, many of whom donated extensively to Trump's re-election effort."
-Robert Reich
*I think all you Trump supporters should invest your life's savings in crypto. Trump and Musk won't f@uck you over.
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