A week ago, I was probably like you and had never heard of Brother Paul, but that's all changed in the past few days. I now know that Jake Paul is an American actor turned professional YouTuber turned boxer, and last week Netflix aired Jake's fight against Mike Tyson, who is 31 years his senior.
Unsurprisingly, the younger man won, but he was clearly the smart one and was paid a reported $40 million, double what was paid to a breathless Tyson.
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Meanwhile, Jake's brother Logan, a wrestler and wealthy internet personality, has faced questions over his cryptocurrency trading, with accusations that he promotes investments without disclosing investment returns. He is said to have hired a Logan impersonator to replace him after agreeing to an interview with the BBC at his training facility in Puerto Rico, with a group of supporters booing the BBC.
Both brothers are emblematic of an era when you can make millions just by being an influencer, but it’s Logan’s role in the cryptocurrency craze that’s a more interesting phenomenon.
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Currently, the crypto market is booming, with prices continuing to soar on the back of Trump’s election victory.
It was reported yesterday that the Trump Media and Technology Group, founded by Trump three years ago, was close to completing a deal to acquire the cryptocurrency trading platform Bakkt. Some of the major trends of our time — populism, Trump, celebrity and plutocratic life amplified by social media — appear to be converging in a crypto trend that, no matter how it develops, could affect us all.
It’s okay to admit that you don’t really understand Bitcoin or other cryptocurrencies. Most of us don’t understand it, although we must start taking it more seriously because it is having a devastating impact, even affecting the thinking of the incoming U.S. administration.
Cryptocurrencies are essentially alternatives to currencies issued or licensed by central banks or governments. A digital token can be exchanged or stored, and due to encryption it cannot be copied or stolen. We are sure that it is completely secure and cannot be hacked.
The Biden administration has cracked down on the crypto Wild West, accusing parts of the industry of violating U.S. laws. In contrast, Trump has promised to be a "cryptocurrency president" and appears to have a cryptocurrency advisory council and a U.S. Strategic Bitcoin Reserve. Now that Republicans have won a landslide in Congress, the excited cryptocurrency industry, which supports Trump, is lobbying to open up the banking system to allow banks to provide services to cryptocurrency companies.
Amid this excitement, Bitcoin hit an all-time high of $94,000 this week, up nearly $20,000 since Election Day.
In the wake of the shock wave of Bitcoin's surge, thousands of small players hope to ride on this craze and soar into the sky. Social media is abuzz with talk about tokens, memes, and FOMO: “The must-have meme coins in the next crypto bull run—catch them before they blow up.”
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These things are very popular among young people, especially young men.
When they discover how unkind the current economic fundamentals are to this generation, it's easy to see why.
It’s no surprise that young people are attracted to and follow suit when so-called crypto-riches become active online, claiming that the existing financial system is rigged and they find alternatives that will definitely make you rich.
But there’s a big paradox in the way Trumpworld has embraced the cryptocurrency movement as a cause.
Trump only cares about American power, and its main manifestation is the dollar. Owning the world's reserve currency gives the United States the ability to control the operation of the financial system and sanction "erring" governments. This is the real power of the dollar.
But at the heart of the cryptocurrency movement, beyond all the hype, is the assumption that at some point — perhaps before the end of the decade — the existing system will collapse.
This argument holds that successive governments and central banks have released money and accumulated huge debts, and the US national debt is about to exceed the $36 trillion threshold. Although Trump has been talking about eliminating waste, his cuts are a drop in the bucket compared to the huge debts such as defense and debt interest, and spending will increase under Trump.
So the crypto folks' argument is, put your money in cryptocurrency so the U.S. government can't devalue it, or steal it.
Even those who have lived through the horrific aftermath of previous financial bubbles and are deeply skeptical of cryptocurrencies can see that at some point, global investors may refuse to fund or buy the massive U.S. debt in an unforeseen future crisis and strikes, which will create the root of all financial crises.
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Will cryptocurrency believers, including Trump’s company, dominate the new system? What about Americans who hold traditional U.S. dollars but don’t have Bitcoin? It is difficult to imagine how the collapse of the US dollar could be consistent with the concept of "America First".
Trump's budget-cutting plan includes putting Elon Musk in charge of the Department of Government Effectiveness, or Doge. The name also refers to a meme coin, Dogecoin, which its inventors originally intended as a prank, although it has since matured.
The ultimate joke in the tech world is that Musk chose the nickname Doge to represent his role in reshaping America. I hope we can still laugh after ten years.
[Disclaimer] There are risks in the market, so investment needs to be cautious. This article does not constitute investment advice, and users should consider whether any opinions, views or conclusions contained in this article are appropriate for their particular circumstances. Invest accordingly and do so at your own risk.
This article is reprinted with permission from: (Foresight News)
Original author: IAIN MARTIN
“Don’t be too excited about Trump being elected! Foreign media: His encryption political views are a paradox and may harm everyone." This article was first published on "Crypto City"
