Bitcoin sell-off halts Trump family's crypto windfall

[groundloop]

Source: ABC News

President Donald Trump and his family have boasted of going "all in" on cryptocurrencies -- but a recent downturn in bitcoin has pummeled digital asset investors, including the Trumps, who by one estimate have had roughly a billion dollars of their net worth erased in just a matter of weeks.

Bitcoin dropped as much as 8% in trading on Monday, at one point falling below $85,000 -- shedding 30% from its all-time high in early October, when bitcoin was trading at more than $125,000.

Analysts at Deutsche Bank said last week that $1 trillion in value has been wiped out of the crypto market globally since early October. The analysts said traders dumped riskier assets in the crypto sector amid questions about the strength of the economy and stalled momentum on digital asset regulation.

Fueled by the Trump administration's abandonment of several high-profile regulatory challenges to the industry, the price of bitcoin and other digital assets soared in the months following Trump's inauguration, bolstering the Trump family's net worth by hundreds of millions of dollars, according to an ABC News analysis.



Read more: https://abcnews.go.com/US/bitcoin-sell-off-halts-trump-familys-crypto-windfall/story?id=128035773

[Moostache]

1. Good... I hope Baron and Junior and that Lurch looking spare child all go broke too! (n/t)

[Lovie777]

2. Well shithole knows about bankruptcies.....

and he and the republicans are heading the USA into bankruptcy.

[mdbl]

3. They literally did nothing to earn it

and they probably still have most of the grift so I don't think it even makes them think twice.

[AZJonnie]

4. Crypto needs to die, IOW be unilaterally declared illegal and worthless by all the world's governments

The idea that flagrantly wasting valuable (in most cases, finite) resources (i.e. non-entropic ENERGY) produces something inherently "of value" is FUCKING PREPOSTEROUS and OFFENSIVE. It's literally like paying someone cash for burning their house down.

It may well be the single stupidest fucking idea that humans have ever come up with (esp. at this point in time when we know what's happening to the climate), and anybody that invests in it? Frankly I don't care if they lose all their money.

No offense to any DUer's with said investments, but suffice to say, I wish you would get your money out of it. The entire idea behind it is WRONG and EVIL.

On Edit: I also think MINING crypto should be a felony, just like counterfeiting is.

[littlemissmartypants]

7. Hear! Hear!

[ananda]

5. Gee, how incompetent of them.

!@#$%

[Aussie105]

6. So the Trumps will just have to scrounge elsewhere for their millions.

Seeing crypto in general produces nothing of real value, it's a Ponzi scheme.

Going up in value relies on someone else, a buyer, being greedier that you as seller.

It's like Lassiter's reef - a fabled reef in a desolate part of Australia, made of gold.
People look for it, people died looking for it.

https://en.wikipedia.org/wiki/Lasseter%27s_Reef

[MissouriDem47]

8. I know nothing about bit coin.

Did they cash out when the value was high?

[FakeNoose]

11. People are giving Chump their hard-earned money and getting a worthless fake

They think it's worth something but they don't know what. Would you fall for something like that? Would anyone?

Apparently they believe that they'll be able to resell their their "Chump coins" for more than they paid for them. That's usually the only reason people get fooled. But of course it's all a Ponzi scheme. The early sellers make money and everyone else gets stuck with nothing in the end.

[gohuskies]

9. The First Crime Family of America knows all about scamming others

Nice to see they got a bit of karma, but they are playing with US taxpayer's money and profiting at our expense. Simply saild, it is all codified extortion and theft with zero oversight and consequences. At least for now...

[oasis]

10. Crypto, gypto, clepto. The difference with being

“flush with cash” and “flushing cash”.