The Trump Media and Technology Group has announced plans to sell shares and bonds worth $2.5 billion to create a “Bitcoin treasury,” marking the latest addition to the Trump family’s cryptocurrency empire. The move comes after President Trump’s sons, Donald Jr. and Eric, spoke at the world’s largest Bitcoin conference in Las Vegas, expressing confidence in the industry’s future.
The Trump family has four crypto ventures, including the new Bitcoin investment, which will transform the company into a crypto holding company. Other ventures include American Bitcoin, a Bitcoin mining firm, and World Liberty Financial, a stablecoin issuer. Cryptocurrencies like Bitcoin and stablecoins aim to compete with traditional currencies like the US dollar.
Harvard economist Kenneth Rogoff warned that President Trump’s policies are weakening the long-term standing of the US dollar, which could benefit the Trump family’s crypto holdings. Additionally, an ethics watchdog, Noah Bookbinder, pointed out a massive conflict of interest between the president and his family’s involvement in regulating cryptocurrency, as it directly affects their financial interests.
The sale of shares and bonds will provide the necessary funds for the Bitcoin treasury, but experts warn that this move could ultimately lead to a “giant financial crisis” within Trump’s term. As the president promotes and builds his crypto holdings, his role in regulating cryptocurrency raises significant concerns about potential conflicts of interest and their impact on the American public.
Source: https://www.pbs.org/newshour/show/critics-say-trumps-policies-weaken-the-u-s-dollar-as-his-businesses-invest-in-crypto