The irrepressible EmptyWheel, as ever -- has all the goods -- on the conflicted, corrupt process that leads to Sacks as Tangerine's designated "Crypto Czar".
Let's listen in, shall we?
". . .In addition to his fundraising for Trump, news outlets noted that Sacks refused to take any position that would require him to step down from his own VC fund and will be hired under a designation that does not subject him to public financial disclosure rules. A few even mentioned his long ties to Peter Thiel.
But they left out two other important details.
First, Sacks is an unusually enthusiastic and unashamedly stupid Russophile. He parrots Putin’s propaganda even more dumbly than Tucker Carlson.
Second, Sacks played a huge role in contributing to a run on Silicon Valley Bank and then wailing for a bailout. He has a very recent history of privatizing the risk his reckless policies presents.
These twin developments — the rise of the dollar and the far more dramatic surge of Bitcoin — stem from two parallel Trump instincts. His defense of the dollar as reserve currency stems from his genuinely held but incompetently implemented belief in America’s Greatness™.
But his enthusiastic embrace of cryptocurrency arises from his corruption. [The retooled EF Hutton was an underwriter of the first launch of Truth Social's '34 Act Holdco.]
The self-dealing behind Trump’s World Liberty Financial was clear from the start. It was made more obvious when Justin Sun bought $30 million in World Liberty crypto tokens last month, effectively handing the newly elected President $18 million. . . ."
And that's before we talk about Truth Social's '34 Act public holding co., under a symbol called "DJT". And that's separate from the "$DJT" that Martin Shkreli shilled for, then abandoned when Barron Trump wouldn't confirm that his dad would back it.
And. . . so much for Donald's "defense of the dollar" -- as a reserve currency. Not when he can create his own, and grift off it -- via FOMO.
Damn. FOMO is the only thing keeping Bitcoin anywhere near six digits. You know it. I know it.
And. . . Riot CEO Jason Les knows it.
Hilarious.
नमस्ते
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