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Part XVI of “The Abraham-Squares Proposal” Book Project
Cryptocurrency may be the Trump Administration’s Waterloo. Why? The proposed “Bitcoin Strategic Reserve” may be the biggest scam in world history. Because multi-billionaire friends and advisers of President Trump want the US government to sell its gold reserves to purchase and build the world’s “biggest Bitcoin stockpile.” It is like swapping the gold reserves of the United States for cryptocurrency that is not backed up by any Central Bank in the world. It is not even printed currency. And even if it comes in a special-currency paper version, the cryptocurrency may not be worth the paper it is printed on.
Worse, there are reports of different ways that Artificial Intelligence (AI) could potentially threaten Bitcoin. Experts opine that one way is to use AI to analyze the patterns and behavior of the Bitcoin network and even its algorithm. Bitcoin has been used for illegal money laundering and even for ransom payments to computer hackers. The financial world has seen the value of Bitcoin rise and fall like circus rides and roller coasters.
Cryptocurrency like Bitcoin may not even be accepted to finance the rehabilitation of destroyed infrastructure in the Middle East (like in Gaza, Palestine, and Beirut, Lebanon) or Ukraine. Yes, especially in building “Abraham Squares,” complete with medical centers and their schools of medicine, general hospitals and research-and-development centers, and other needed infrastructure components like new housing, schools and temples, mosques, or churches.
As of March 2024, the US gold reserves were estimated to be worth around $518 billion. Most US gold reserves are stored at Fort Knox, Kentucky’s United States Bullion Depository. The West Point Mint in New York is also a storage facility for the US gold reserves. The book value of the gold in the U.S. Bullion Depository is $42.22 per troy ounce, a price set by law. This price has not changed since 1973. As of Friday, January 31, 2025, gold per troy ounce was US$2,809.40, fixed by world financial markets and banks. Even if the proponents match the current market price of gold per troy ounce, it could be replaced in layman’s terms with “Mickey Mouse money,” with an apology to Disney World. As this column quoted BBC.com last Wednesday, “the so-called meme-coin — a cryptocurrency with no utility other than for fun or speculation.”
“Meme coins have virtually no regulation and — as far as I can tell — are the worst kind of snake oil. They have no intrinsic value. It’s one thing to sell Trump cologne (What does THAT smell like? Diet Coke and Big Macs?) or “commemorative” coins to fans, but meme coins pretend they are like Bitcoin.”
–Brad Bass
As of 2021, US gold reserves total 8,134 metric tons. The highest holdings are in Germany, whose gold reserves were 3,364 metric tons. As of July 31, 2020, Fort Knox held 147.34 million troy ounces (4,583 metric tons) of gold reserves with a US $290.9 billion market value, representing 56.35% of the United States’s gold reserves.
Perhaps the state governments of Kentucky and New York must support federal law enforcement agencies and the US Military in safeguarding the gold bullion reserves stored in their territory.
A new Facebook acquaintance, Brad Bass, posted in his Facebook Timeline: QUOTE: Most criticism of (President) Trump is biased or can’t stand his NY real-estate promoter persona. But I am SERIOUSLY concerned about his foray into meme-coin cryptocurrency. He started with $Trump before the election, and now he and his family have made BILLIONS, assuming current-market pricing.
Meme coins have virtually no regulation and — as far as I can tell — are the worst kind of snake oil. They have no intrinsic value. It’s one thing to sell Trump cologne (What does THAT smell like? Diet Coke and Big Macs?) or “commemorative” coins to fans, but meme coins pretend they are like Bitcoin. They are NOT. These meme-coins are all the rage with celebrities right now. Even the hawk tuah (sic) girl issued one and made millions.
In my opinion, a meme-coin is the worst kind of flim-flamery (sic). Trump should announce all proceeds received by his family will be donated to charity. Meme coins can’t be unraveled quickly without hurting innocent idiots who thought they were “investing.” Going the charity route seems the best alternative. Trump, oh Trump, why do you so do much good with one hand and so much damage with the other? Giving him a HUGE benefit of the doubt. Maybe he thought of it as “commemorative” coins, but these were not marketed that way. I am seriously outraged at his profiting from meme-coins, especially in office. Do the right thing, Mr. President. Oh, and Congress, start making some rules about these scams. UNQUOTE.
This columnist could not have written Brad Bass’ comments any better. And what a coincidence, all of these “snake-oil (meme-cryptocurrency) transactions” reported by Mr. Bass are happening in the “Year of the Snake” of the Lunar calendar.
