The ‘Most Pro-Crypto President’ in History

Eric Trump Promises the ‘Most Pro-Crypto President’ in History

This headline from the December 14th New York Times speaks reams about the mist of words and ideas that have drifted across our country. The president in this headline is Donald Trump, of course. According to US News, “Cryptocurrencies began to gain traction in the United States around 2009 with the launch of Bitcoin…” What does that tell us about this statement?

Well, let’s look back. The current President, Biden, is ending his term this year. The president before that was – Oh, well, Donald Trump, of course, and he can’t really be more famous than himself. The president before that was Barack Obama, whose first term began in 2009, the year of the Bitcoin launch. All three of these presidents expressed caution, at least, about issues such as privacy, anonymity, and accountability. Even Donald Trump, with a record of financial wrong doing, was skeptical during his time in office.

So, what does this headline really say? Does a quarter of a century really represent a significant period of history? We can hardly imagine what another moneyed president, such as George Washington, thought about the matter. Was skepticism not reasonable for these “historic” presidents? Well, let’s see – billions of dollars worth of something like credit assigned to electronically stored digital numbers which fluctuated in value according to their appeal for or disregard of an anonymous body-financial? Ponzi? How many individuals – even those in financial sectors of the government or your living room – actually understand the prestidigital miracle of the fluid value of swirling electrons? Skepticism seems prudent.

The sad thing about the headline is what is suggests about the audience to whom it is directed. Those who are adherents of the idea of crypto-finance must be joyous at what sounds like free rein. Those who admire their incoming president but are not financial tycoons could feel more confident about exchanging much of their electronic bank dollars into cryptocurrencies, which after all is not much different than putting one’s savings into high-risk/high-gain stocks. Everyone will get rich – except the skeptics, of course.