FT: "Donald Trump is preparing to open the $9tn US retirement market to cryptocurrency investments ..."
Trump is seeking to direct Americans' retirement funds to a sector in which he and his family are heavily invested.
https://www.ft.com/content/07906211-5ab8-4917-bcad-5397c0bc3170
> "The executive order would instruct Washington regulatory agencies to investigate the remaining hurdles needed to allow for such alternative investments to be included in professionally managed funds used by 401k savers"
not to be pollyannaish but so far when trump issues executive orders to "investigate remaining hurdles" in other domains it hasn't amounted to all that much
What a surprise, right?
surprised it took this long
The grifting continues…
This was the scary part for me in the article.
It will ask the labour department to consider a safe harbour for administrators of retirement plans, which would minimise their legal risks as they embraced offering private investments to savers that carried higher fees and were not as easily valued or traded as public stocks.
Scammer-in-Chief!
"... and now they're coming for your social security money, they want your fucking retirement money, they want it back. So they can give it to their criminal friends on Wall Street. And you know something, they'll get it. They'll get it all from you sooner or later because they own this fucking place..." (2005)
Yeah it sucks and is corrupt.
Fact is, since the 2023 #crypto "crash"
#BTC went up 600%
While a bank deposit, only 10%
Hard to pick which scam is better.
The best analogy I'd heard of is cryptocoins are like buying a meme stock of a company that has no assets.
The coins have no intrinsic value to a token, it just trades on the hope that there will be a bigger sucker in the future. If a coin goes bankrupt there's no assets to sell to pay off creditors, so the coins value goes to zero.
Cryptocoins are also really popular among people who want to avoid the years of progress on developing banking regulation designed to limit various forms of fraud.
OR
What gives #cryptocurrency its value
A space for Bonfire maintainers and contributors to communicate
