“They may be fake, who knows what they are?!” So says the former president of the United States, Donald Trump, in finally revealing he has no clue.
Speaking to Fox News’ 73 year old Stuart Varney, the 75 year old Trump said he doesn’t dabble in bitcoin or cryptos.
“I like the currency of the United States… I don’t know, I feel that it hurts the United States currency. We should be invested in our currency not… erm they may be fake. Who knows what they are, but they certainly are currencies that people don’t know very much about.”
Bitcoin is open source code that anyone can run on their computer to create a global network that enforces certain mathematical rules which translate to a finite digital asset that has its own payment and transfer network in a self sustainable peer to peer manner.
It is a threat to the United States dollar only in as far as the United States mismanages its currency. In which case bitcoin is of great benefit to the United States citizens who have the choice of not being chained to a mismanaged currency like in Zimbabwe or nowadays in Venezuela.
The existence of bitcoin itself should in theory limit frivolous money creation through loans, although not necessarily because it isn’t quite being used as a currency.
Trump himself got a $1 billion loan in the 90s from banks, money created out of thin air, when he was nearly going bankrupt.
This power to create money without accountability can also translate to the power of creating rulers or propagandists with no oversight on who banks lend to.
As a beneficiary of this potentially capricious lending, it is no surprise Trump does not like an asset that forms some objective basis for value measurement and the relative worth of peoples.
Yet it isn’t clear whether the American people would have not benefited from being spared the atrocious handlings of trade negotiations with China by Trump which ended in a pandemic that happened to particularly damage USA, their close ally Europe, and China’s semi-enemy India, while China itself somehow managed to get away with just 4,000 cases.
The incompetence shown by Trump in governance is also very well illustrated by Iran shooting a plane full of innocent Canadian passengers that made America look more than weak.
Fundamentally this lack of wit is due to a falling level of meritocracy in the United States which is itself in part caused by banks being able to lend to whoever they please however much they want without an objective anchor that creates a level of fairness to the relative value of men.
Trump was not the best America could produce. Trump was the best bankers could choose. Since absolute power corrupts, bitcoin is the best to limit such power and thus such corruption.
In the process, it strengthens the people of the United States, and weakens bought for oligarchs that can not negotiate even while having 5x the leverage. Something that rightfully lost him the presidency and had him leave in disgrace as the man showed himself in the end to be utterly incompetent.