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Bitcoin Reserve War: Congressman Fights Trump’s Crypto Plans
A heated debate has been sparked in Washington D.C., as a congressman, Rep. Jim Connolly (D), openly opposes President Donald Trump’s ambitious plan to create a $10 billion Bitcoin reserve at World Liberty Financial, a digital asset bank.
In an interview with The Independent, the president of the platform, John McAfee, highlighted that his company has received strong backing from the White House. He stated that they are “the future of finance” and that their mission is to provide a secure financial system for all Americans.
However, Congressman Connolly strongly disagrees with this proposal, calling it an “unsound fiscal policy.” In a statement to the media, he emphasized that the selection of winning cryptocurrencies will be done through social media, which he believes will only waste taxpayer dollars on a plan described as “the dumbest idea” by a federal reserve official.
Connolly pointed out that the United States has historically created reserves for strategic commodities like petroleum during times of economic crisis. However, he argued that no strategic need exists to invest in the volatile and speculative cryptocurrency market.
The congressman further criticized the move, stating that if crypto crashes, “the State will deploy this fund to rescue it.” He believes that such a policy is unsustainable and detrimental to American taxpayers.
In related news, Trump has been vocal about his support for cryptocurrencies. In January, he even launched a meme coin called TRUMP, which entities connected to him reportedly earned up to $100 million in trading fees alone.
This recent move has led many to speculate on the connections between the Trump family and cryptocurrency markets. Eric Trump and Donald Trump Jr. have been known to advocate for various cryptocurrencies.
While this development may be of interest to some Bitcoin enthusiasts, it appears that a heated debate is brewing between Rep. Connolly and President Trump regarding the creation of a $10 billion Bitcoin reserve at World Liberty Financial.
It will be interesting to see how this story unfolds, as opinions on cryptocurrency continue to polarize public discourse.
Source:
Source: https://bitcoinist.com/bitcoin-reserve-war-congressman-fights-trumps-crypto-plans/
