OMFG NO! "Trump Family "takes $1B hit in crypto crash!" WHO WILL FEED YOUNG BARRON? HELP him JESUS! [View all]
Paul Krugman says the Trump trade is "unraveling" after the president went all-in on the digital currency. The Trump family made their way into meme coins and cryptocurrency earlier this year and it appears to have backfired. The Daily Beast reported the Trump family has lost upwards of $1 billion in trading crypto.
Further from that, the volatility of cryptocurrency seems to be tied with Trump's approval rating, as Krugman notes a clear link between the administration's failures and the decline of digital currencies like Bitcoin.
He explained in his Substack post, "Bitcoin's price surged after Donald Trump won last year, and its recent plunge coincides with a series of Trump political setbacks. So how should we understand Bitcoin’s recent crash? Think of it as the unraveling of the Trump trade."
"Trump remains as determined as ever to reward the industry that made his family rich, and those around him are as determined as ever to make America safe for predators of all kinds. But Trump’s power is visibly diminishing, so the price of Bitcoin, which has in effect become a bet on Trumpism, has plunged."
https://www.rawstory.com/donald-trump-crypto-2674336820/
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