Radio Atlantic Why Is Trump So Into Crypto?
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May 1, 2025 Annie Lowrey, an Atlantic staff writer focused on the economy and politics, discusses the dramatic shift in Donald Trump's stance on cryptocurrency, revealing potential threats to the financial system. She examines the proposal for a Bitcoin reserve, likening it to oil reserves, and worries about its implications. The volatility and risks of crypto are scrutinized, with parallels drawn to past financial crises. As political attitudes shift, Lowrey warns that without essential regulatory reforms, only a major economic downturn may compel necessary changes to safeguard consumers.
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Crypto's Radical Beginning
- Cryptocurrency started as a financial framework outside government and banking systems aiming for decentralization.
- It was envisioned as a global, borderless currency with privacy and peer-to-peer trust.
Crypto's Narrowed Focus And Risks
- Crypto's initial utopian goals have narrowed to being mainly speculative assets.
- It remains foundational for black markets, involved in illicit activities like trafficking and terrorism.
Crypto's Speculative Nature
- Crypto is a speculative asset with no underlying cash flow, unlike stocks or gold.
- Its value depends solely on interest and market participants, making it volatile and risky.