
On Dec. 27, 2024, The New York Times published an article titled, “Wall Street is Minting Easy Money for Risky Loans. What Could Go Wrong?” The key word here is “Minting.”
Why? Three days earlier, we had learned from The Washington Post how a “strategic bitcoin reserve” would work. Bitcoin, a cryptocurrency, is being easily minted too. Unlike our government-backed dollars, crypto is privately created, the reason there are now about 9000 such currencies. Easy-peasy, they’re what your mom might call too good to be true.
The Post’s article recapped how president-elect Donald Trump, who once poo-pooed bitcoin for being “based on thin air,” had recently claimed it was “going to the moon.” He wants to make sure the U.S. leads the way. So Trump is now entertaining the idea of the U.S. government purchasing bitcoin and holding it in reserve. What does that mean?