Why Is This Happening? The Chris Hayes Podcast Crypto in Trump 2.0 with Zeke Faux
41 snips
Jul 8, 2025 
Zeke Faux, a Bloomberg News reporter and author of 'Number Go Up: Inside Crypto's Wild Rise and Staggering Fall', dives into the chaotic world of cryptocurrency. He discusses the Trump administration's evolving stance on crypto, especially the controversial meme coins tied to Trump and Melania. Faux breaks down the mechanics of meme coins, their speculative nature, and how viral personalities leverage them for profit. He also critiques the risks involved and the broader implications of government involvement in the crypto market.
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Cryptocurrency as Digital Ledger
- Cryptocurrencies like Bitcoin are essentially ledger entries tracked on a distributed blockchain network.
- Their value is driven by demand and speculation, not by intrinsic use or utility.
Bitcoin's Value Relies on Speculation
- Bitcoin's value largely depends on a speculative feedback loop of price increase and investor attention.
- The concept of Bitcoin as digital gold due to capped supply lacks real economic logic.
Limited Supply and Government Impact
- Having a constrained supply doesn't guarantee value, as seen with other limited products like VHS tapes.
- Governments buying Bitcoin could massively increase its price due to their large financial resources.
