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
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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.
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