Trump announced late Sunday (3/2/25) that he wants to establish a strategic reserve of cryptocurrency. This will be done in the name of economic growth & national security for America.
It’s quite remarkable how Elon Musk’s name isn’t mentioned by Trump or in any of the press articles recently published on Trump’s crypto summit or his plans for a “strategic reserve” of crypto. The acronym of DOGE was taken from Elon Musk’s proprietary crypto coin [!], yet the lapdog corporate media pretend they don’t know Elon Musk is by far the largest holder of crypto in the cyberworld.
Liberals grumble about conflict of interest, etc, but don’t connect it here as it’s happening. The bourgeois press, including its liberal wing, are now reporting much more favorably on crypto, which was surely a Trump edict to the corporate press. Cryptocurrency is fake money, created largely by Elon Musk’s “magical money computers” which is now being floated as a “strategic reserve currency” more valuable than gold [!] due to its uncanny ability to always rise in price.
Of course, all this “value” was created by manipulation of Ponzi scheming supercomputers, but that is to be overlooked. The crypto industry is extremely wasteful as far as electricity consumption goes, thus crypto is a Libertarian environmental disaster that is vulnerable to energy price spikes and other real-world economic forces. Crypto has no store of value, and is only priced in relation to other fiat currencies, mostly the US dollar. Its only use value is to conceal illicit transactions, making it useful to pornographers, criminals & state intelligence agencies.
Crypto depends entirely on near-zero interest rates and a constant inflow of new money. The federal funds rate is currently 4.33% and projected to stay in that range. This is the biggest obstacle to another crypto boom. Trump can’t dictate to (or fire) Federal Reserve chairman, Jerome Powell, at least until next spring which makes that his biggest institutional impediment in Trump’s bid to establish a presidential dictatorship and a US “crypto reserve.”
Trump’s “reserve of crypto” could only come from the biggest crypto whale anywhere: Elon Musk. This “strategic reserve” plan is simply a swindle by Trump-Musk to bilk the US taxpayers into buying hundreds-of-billions of dollars in worthless crypto from Elon Musk. This is how Musk plans to cash out his worthless crypto empire and turn it into billions of US dollars, and he’s being enabled do it with presidential complicity & immunity. If Trump-Musk are allowed to do this, the US dollar will become grossly devalued, and fewer workers will be able to afford the inflated cost-of-living expenses, etc. The Trump tariffs are already creating this effect.
Trump & Musk have executive power, which they abuse at will, but the bond market is infinitely bigger than either of them. The bond market runs the world because it owns the world, especially the US government. That $36T in federal debt is owed to ultra-wealthy bondholders who demand redemption. These debts are owed to the Black Hand and can’t be cancelled, for if they were, the very foundation of modern capitalism would come crashing down. If that happened, a reorganization of the global economy would be required, meaning an international socialist revolution. This is why federal debt must be re-paid, no matter how much it hurts the working masses & youth.
The billionaire bond market is split on crypto. As I’ve explained in earlier cryptocurrency articles, particularly in my SEC v Grayscale reporting, there is a ‘Warren Buffet faction’ of capitalism that recognizes crypto as a fraud and wants it banned. Their argument is that crypto is too unstable to be an institutional pillar in monetary economics and has the potential to bankrupt the entire system. That analysis is fundamentally correct. But the Elon Musk pro-crypto faction opposed this thinking and has won out for the moment.
Typical Yahoo pointed comments on Trump’s ‘crypto strategic reserve’ plan, which the corporate press is too complacent to seriously criticize include:
— How you going to justify making crypto holders rich with tax dollars?
— Trump steals our money to buy fake tokens. Typical.
— We have witnessed why cryptocurrencies are far too volatile for any country to establish a reserve of any consequence. For BTC to go from almost $110k to the upper $70s and then bounce back to about $91k in a handful of days is just ridiculous. [This happened in the past week]
— So the plan is to invest real money into fake money… What could go wrong?!
Conclusion: It’s time to take these Nazis by the throat and make them cough up all their personal & financial information, including exactly what & how much crypto Elon Musk owns. You don’t get to declare an answer and insist it is correct without showing proof. The teacher downgrades lazy students for that in school, or at least they used to. Trump & Musk can’t be bothered with such meticulous work & proofs, they were never good that sort of stuff. These conmen sell you dreams– from Riviera casinos in Gaza to the colonization of Mars. None are economically, scientifically or materially possible but they keep selling and too many keep buying because they see no hope anywhere else.
The Trump-Musk koolade is starting to wear off for his working class voting base. The right-wing militias such as the Proud Boys are still solid, but young working men & women with high school & college degrees that need good jobs & fulfilling career opportunities are already feeling bitter disappointment in Trump. This creates a political vacuum for the SEP/WSWS to grow in numbers & political force, by offering a leftist solution to war, inequality, genocide & dictatorship.
The Democratic Party koolade is weak piss that has been rejected by the masses. Bernie Sanders is still trying to corral the left, but all he gets are upper-middle class philistines who want to record some camera-phone soundbites then post to social media. Celebrity worship meets vicarious activism for fake left Democrats. Their strategy is to reach out to Republicans disaffected with Trump’s oversteps, particularly his cutting off US military aid to Ukraine after the Trump-Zelensky shouting match in the Oval Office last Friday. That Ukrainian military aid cut-off announcement was made official by Trump yesterday. Media pundits pontificated whether Ukraine military aid could be ended by Trump, or if it needed Congressional approval, etc… and while these scarecrows babbled about that, Trump went ahead and did it. Fait accompli.
The pace at which humanity is being hurled towards WW3 has quickened. Only a politically conscious mass movement of workers linked internationally can stop imperialist fascism from destroying us all. We need a global sitdown strike organized & led by the most class conscious rank-and-file workers to bring capitalism to its knees & slay the dragon. It is a dialectical process, meaning the seeds of revolution are sown in all this capitalist madness, so make sure to take an increased class consciousness & seriousness in your words & actions as this movement towards world revolution culminates. This is a chance for the youth & workers of the world to unite & express their historical voice, so tell your friends & don’t miss it.
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