“Chris Hayes broke down a plan by Republican legislators to transfer billions of taxpayer dollars to owners of Bitcoin in exchange for their holdings.
Bitcoin is Everywhere: Crypto Bros Were Big Donors in 2024 Election—Donating to Both Candidates
At issue is a bill introduced by Sen. Cynthia Lummis (R-WY) that, if enacted, would require the U.S. Treasury to buy one million Bitcoin over five years and be held for at least 20 years. As of Friday night, the cryptocurrency was trading at $100,000, which means purchasing that many Bitcoins at that rate would cost $100 billion.”
Zany time
Chris Hayes did an excellent job of explaining this scheme concocted by Senate Republicans.
There are some very wealthy people who donate to our politicians.
And because we have yet to be successful at getting money out of politics, it means that our politicians are working for wealthy individuals and interest groups like the gun lobby, drug manufacturers, AIPAC, etc.
Related Posts
There's a reason why we always say that the Republican Party convinces their base to vote against their own economic and material interests, and some Trump supporters are grappling with that reality right now.
Mike Johnson sarcastically asks Elon Musk if he wants to be Speaker, a not-so-subtle nod to Musk’s growing control over the GOP.
They do not care what we want. We aren’t giving them millions of dollars. So they are passing legislation that benefits corporations and the ultra-wealthy—not us.
As Chris explained, those same ultra-wealthy donors have a ton of Bitcoin they want to unload in exchange for real money they can spend however they want.
The Problem
Once these rich folks start dumping large quantitiesof the cryptocurrency, its value will drop.
They can’t get rid of all their Bitcoin and turn it into actual money they can spend.
The Solution
The solution: Sell the crypto to the federal government so the rich investors can exchange virtual money they can’t spend everywhere into actual cash they can add to the billions they already have.
That’s the scheme. Senate Republicans are trying to pass legislation saying that the government must buy $100 billion in Bitcoin using our tax dollars.
And conveniently, these Republicans just happen to know the top Bitcoin investors they can purchase it from.
Bonus Scam
Donald Trump is involved so you know there will be schemes abound in his upcoming administration.
This time it involves cryptocurrency, which Trump wasn’t a fan of during his his first term.
Trump and sons have started their own cryptocurrency enterprise. They even gave it a super unique and interesting name—TrumpCoin.
I thought for sure it would be something like Patriot Crypto or America First Crypto Empire. I listen to Conservative radio while driving for reporting purposes and every commercial is for a product or service with “patriot,” “liberty”, “freedom”, or “anti-woke” in the name.
Freedom Water, Patriot Food Supply, and
Liberty Cellular (the non-woke cell phone company)
I’m sure it wasn’t created as a way for the Trump family to launder money from foreign nationals. Right?
So much has come out since Trump left offfice about foreign nationals staying at his hotel when they’d travel to Washington.
So it would certainly make sense that he would want a way to receive lots of money from foreign countries that was hidden from the public.
What do you think those NFTs were for?
Do you honestly believe a Trump supporter would spend $8,000 on useless NFTs featuring AI-generated images of who MAGA wishes Donald Trump was?
