How Trump is Pocketing Billions in the Cryptocurrency Market
His latest grift is unrivaled
Looking back at conflicts of interest in the first Trump regime, it’s almost cute the stuff that used to outrage us. These conflicts were, at the time, unprecedented and shocking for our country - no president had ever blatantly used the power of the office, while in office, to enrich themselves. For example, back then there was a big todo by ethics experts when the Republican Party hosted their events at Trump’s properties, and with it lined Trump’s pockets. It’s so adorable that we found that upsetting because now that seems comparable to stealing a pack of bubble gum, versus raiding the U.S. Mint!
This go-round, the notion of Trump ignoring conflicts of interest seems to have been normalized. We have skipped past the outrage because there’s so many other battles to focus on; yet, right before our very eyes, the biggest grift in history is playing out - and paying out - through Trump’s use of the cryptocurrency markets.
The Times has done excellent reporting, that I would recommend as background on Trump’s sudden, newfound interest on the crypto space. This is an excellent primer (click here, I gifted it for you). I have also been tracking for The Weekly List project, examples of how Trump has used this opaque market to line his pockets with hundreds of millions at a time.
Background:
Like so many of you, I assumed Trump’s interest in the crypto market was that of a typical politician running for office. Say you care about a certain industry so they will donate big time to your campaign. This seemed last year like garden variety politics at the time. Oh boy, was I wrong!
Let’s back up. During the first regime, Trump was against cryptocurrencies. He said at the time, they “are not money,” and warned their “value is highly volatile and based on thin air.”
So why the sudden shift? Well, while he and his families were pariahs in the aftermath of Jan. 6, Donald Jr. and Eric found crypto. I mean think about it, and it makes perfect sense. On opaque, largely unregulated market - a perfect fit.