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The Nonsense of Q3 - Make Crypto Great Again

posted by janrinok on Wednesday August 07, @07:02AM   
from the good-luck-with-that dept.

c0lo writes:

Make Bitcoin great again - what Donald Trump's backing of crypto could mean for the industry

On July 27, the former US president and Republican nominee for the upcoming election, Donald Trump, headlined the biggest Bitcoin conference of the year in Nashville. In his speech, Trump claimed he will make the US the "crypto capital of the planet and the Bitcoin superpower of the world" if returned to the White House after November's election.

Bitcoin Price Tanks Hours After Trump Floats Using it as US Reserve Asset

Bitcoin prices plummeted after former President Donald Trump suggested that the cryptocurrency could be used to pay off the country's $35 trillion national debt.

Bitcoin dropped 12 percent in the past 24 hours and ether plunged by 21 percent in the same time period. The price of bitcoin has been dropping since Friday, and briefly dropped to below $50,000 on Monday. This was the first time it had dropped below these levels since February.

In recent weeks Trump has been attempting to position himself firmly as pro-crypto. Speaking at a bitcoin conference in Nashville, Tennessee on July 27, the Republican presidential candidate unveiled his plans to make the U.S. the "crypto capital of the planet" if he is elected for a second term.

He also spoke about the U.S. creating a "strategic national bitcoin reserve."

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Original Submission

• Yeah, We're Makin' it Great Again! (Score: 2, Interesting) by Anonymous Coward on Wednesday August 07, @09:28AM

  by Anonymous Coward on Wednesday August 07, @09:28AM (#1367538)

  From Web 3 is going just great! [web3isgoinggreat.com]:

  August 6, 2024

  Trump-themed $DJT token rug-pulls, people blame Martin Shkreli or Barron Trump

  Surprising just about no one, a wallet holding around 20% of the supply of the $DJT Trump-themed memecoin suddenly dumped its holdings, crashing the token price by around 90%. The token price had briefly spiked in June, when it was falsely reported that the token was "an official Trump token". However, the token's price had already dwindled since that time, and before the sudden dump.

  People were quick to blame those behind the project [web3isgoinggreat.com], primarily "Pharma Bro" Martin Shkreli (who has been accused of dumping his own token before [web3isgoinggreat.com]). Shkreli was quick to shift the blame to Donald Trump's youngest son, Barron, who he has also claimed is behind the token (although this has not been independently confirmed). However, the owner of the wallet that dumped its tokens is not definitively known.

          "No one surprised as DJT token has finally rugged" [protos.com]

  Starting Score:	0		points
  Moderation		+2
  Interesting=1, Informative=1, Total=2
  Extra 'Interesting' Modifier		0
  Total Score:		2