The Crypto Plot Against America’s Gold Reserves
The crypto “industry” was one of the biggest spenders in the 2024 election. It practically single-handedly bought a U.S. Senate seat in Ohio, turfing out labor’s most reliable senator, Sherrod Brown, with $40 million in advertising. And it convinced Donald Trump to make a 180 with a big sack of campaign contributions. Back in 2021, Trump said crypto was a “scam,” but now he has his own coin, his media site is in discussions to buy a crypto exchange, and he’s fully bought into the claims that the industry is overregulated.
So now that crypto has bought great political influence, it’s time to cash in. How might this happen? The basic idea is to turn the American government into the biggest crypto bag-holder of all time. If the plan goes through, hundreds of billions of dollars of public assets will be spent or leveraged to buy a million Bitcoins, allowing the tiny minority of Bitcoin moguls to finally cash out their holdings into real money. It would be one of the biggest upward transfers of wealth in world history.
[...] Crypto shill Sen. Cynthia Lummis (R-WY) proposes the Treasury issue new gold certificates based on the market price [of American gold reserves], and use the resulting cash—$677 billion at current prices—to buy up Bitcoins. In total, her bill would require the government to buy up 200,000 Bitcoins a year for five years, until a “strategic reserve” of a million would be accumulated.
This is revealing on several levels. The whole ideology of cryptocurrency is that it’s supposed to be outside the alleged corruption of governments or the extant financial system. Instead of transactions taking place on platforms run by Wall Street and regulated by the D.C. swamp, fiercely independent crypto entrepreneurs would build new businesses doing … something … out in a fresh economic Wild West.
So why on earth would buccaneering crypto people want the government scooping up a million Bitcoins—or about 5 percent of all that exist? The reason is obvious: so paper Bitcoin billionaires can cash out their holdings into real money without tanking the market. [...] The fundamental value of Bitcoin is zero. Even by crypto standards, the coin is terrible.
[...] Therefore, for early Bitcoin adopters sitting on vast piles of purely speculative assets, there is a huge structural need to get new suckers into the market. For anyone concerned about the corrosive role of money in politics, think about what this means: The crypto industry spent something on the order of $100 million in this election to install a government that will lure sacrificial lambs to a digital asset slaughterhouse, and make a handful of big Bitcoin hoarders generationally wealthy in the exchange.
[...] No one has deeper pockets than the federal government. No need to directly pick the pockets of suckers looking for a get-rich-quick scheme if you can pick everyone’s pockets indirectly by looting a vast store of treasure held in trust for the American people. It’s a logical end point for a technology whose sole meaningful use case is enabling criminal extortion and money laundering: finally carrying out the bank robber’s dream of draining the value in Fort Knox.
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