Crypto’s next bubble will be politically motivated
Trump’s reserve proposal is monetary madness, echoing the fight for a system backed by both silver and gold in McKinley’s day
Add BT as a preferred source
DONALD Trump is known for loving 19th-century President William McKinley, whom he credits for improving the US “through tariffs and through talent”. Now, there is another connection.
Trump’s proposed national reserve of cryptocurrencies, including Bitcoin and memecoin-focused Solana, is reminiscent of the fight for a monetary system backed by both silver and gold in McKinley’s day. The danger today is of a speculative bubble with risks to the US dollar – with looming McKinley-esque tariffs also adding to the pain.
A crypto reserve is uncharted territory for any country, let alone the US, and Trump has been vague about the details. Still, his language goes beyond building a Bitcoin stockpile or holding onto the US$17 billion of crypto seized by US law enforcement.
TRENDING NOW
Singapore at 61: How we can ensure opportunity, security and ownership for the next generation
With tech for fact-checking to cancer care, Singapore startups aim beyond home
Vietnam seeks US$76 billion a year from capital markets to ease reliance on banks
How BYD disrupted Singapore’s car market – and why the strategy is turning on itself
