Bitcoin: Price, News, and the Uncomfortable Truth
Alright, let's get this straight. Bitcoin's Trump Bump just became a Trump Dump? Give me a break. We're supposed to believe the rise and fall of a decentralized (supposedly) currency is tied to... gestures wildly ...that guy?
The Unraveling (Maybe)
Paul Krugman's out there saying Bitcoin's price decline is linked to Trump's fading political power, calling it the "unraveling of the Trump trade." Okay, Krugman's a smart guy, but let's be real. Are we really buying that the guy who pardoned Changpeng Zhao – you know, the Binance founder who pleaded guilty to money laundering – was actually some kind of crypto whisperer? I mean, come on. According to Economist Paul Krugman says Bitcoin’s crash shows the ‘unraveling of the Trump trade’ - Fortune, Bitcoin's price decline is linked to Trump's fading political power.
And then there's the fact that Trump himself is sitting on nearly a billion bucks in Bitcoin. A Fortune analysis said it was $3 billion of his net worth back in March. So, is he tanking his own investment out of spite? Or is this some next-level 4D chess move? I honestly wouldn't put it past him.
American Bitcoin, backed by Eric and Don Jr., went public in September and hit a $5 billion valuation. Now, a broader selloff has apparently cost the Trump family a billion bucks, according to the Bloomberg Billionaires Index. So, did they pump and dump on their own loyal base? It wouldn't be the first time someone in that family ran a scam.
Schiff Hits the Fan (Again)
Of course, Peter Schiff is having a field day. He's been screaming from the rooftops about Bitcoin being a bubble for years, comparing it to the dot-com mania, but "built on nothing." He says most crypto is going to zero, except for tokenized gold, which he probably sells.
He's also calling out companies using Bitcoin as corporate treasury strategies as doomed. Which, let's be honest, sounds about right. Strategy's Bitcoin-leveraged model is structurally unsound, generating no meaningful earnings and surviving only by issuing new debt or equity to buy more Bitcoin, Schiff argues. Sounds like a Ponzi scheme with extra steps. Peter Schiff Says Bitcoin, Ethereum Treasury Companies Have 'No Viable Business Model' - Yahoo Finance.
But here’s the thing: Schiff has been wrong before. Or, at least, premature. So, is he finally right this time, or is he just enjoying his victory lap a little early?
And Kush Desai, some White House spokesperson, is calling anyone who links Trump to Bitcoin price fluctuations a "moron." Which, okay, maybe. But isn't it equally moronic to pretend that politics doesn't influence markets? Everything is political, especially money. Offcourse, that is just my opinion.
Where Does the Buck Stop?
Bitcoin fell from a high of $126,000 to around $87,000, hitting a six-month low of $81,000 last week. Is this just a correction? A bear market? Or the beginning of the end? Schiff thinks whales used bullish hype to exit while retail investors ate the top. Which is entirely plausible. They expect us to believe this nonsense, and honestly...
Krugman even points out that a crash coincided with Trump weighing an additional 100% tariff on China last month. So, is it tariffs? Is it Trump's political baggage? Is it just the inherent volatility of crypto? Or is it something else entirely? Maybe it's all connected, like some giant, messed-up Rube Goldberg machine of financial doom. I don't know. Maybe I'm the crazy one here.
So, What's the Real Story?
Let's be real. The "Trump Bump" was always a ridiculous idea. Tying Bitcoin to any one person, especially that person, is just asking for trouble. This isn't about policy; it's about hype, speculation, and a whole lot of people trying to get rich quick. And now, the bill is coming due.