Crypto’s New Don?
As President Donald Trump stakes his claim on the future of cryptocurrency in America, investors and industry insiders are divided on whether his administration truly marks a turning point for digital assets. Seems like the good ol’ days of Wild West crypto are 👋 gone, replaced by something… different. 🤔
Kevin O’Leary, chairman of O’Leary Ventures and a longtime cryptocurrency advocate, recently lauded Trump’s stance on digital assets, arguing that this administration is ushering in a “new phase” for the industry. O’Leary’s probably just trying to forget about FTX 🤡, don’t you think?
Speaking on “My View with Lara Trump,” O’Leary asserted that the so-called “cowboy era of crypto” — marked by high-profile fraud cases and regulatory uncertainty — was over. He’s probably still recovering from the emotional rollercoaster, haha 😂!
Recall that O’Leary was indeed affected by perhaps the biggest crypto fraud case of all — FTX. As an investor and spokesperson for the exchange, O’Leary lost a significant amount of money when Sam Bankman-Fried’s startup went bankrupt in late 2022. Oh, the irony! 😹
“All the crypto cowboys are in jail or out of business. So now we’re in a new phase. There’s a new tone with the government. Trump has put it forward,” O’Leary said.
But rug pulls and devastating hacks are still commonplace. Seems like the Wild West is still alive and kicking, eh? 🤠
Meanwhile, crypto “whales” and influencers are making a killing by pumping up coins with fake “insider knowledge,” inflating prices before cashing out, and leaving everyday investors holding the bag. It’s the Wild West out there, and the scammers are riding high.
O’Leary’s optimism comes as Trump embarks on one new crypto initiative after another.
After speaking at the Bitcoin 2024 Conference in Nashville, the then-GOP nominee launched World Liberty Financial. Two days before his inauguration, he unveiled the Official Trump (TRUMP) meme coin. And all of those SEC-led investigations into cryptocurrency-related companies (i.e., Binance and Coinbase)? They’re disappearing.
Earlier this month, Trump signed an executive order establishing a Strategic Bitcoin Reserve. The move, which designated certain digital assets like XRP, SOL, and ADA as part of a government-backed strategic reserve, has been touted by Trump and his allies as a major step toward integrating crypto into traditional finance.
While O’Leary hails these developments as proof of a regulatory turning point, not everyone in the crypto world is convinced.
‘This ain’t it’
Critics argue that Trump’s newfound embrace of digital assets hurts the industry’s credibility and paves the way for crony capitalism. You can’t trust a guy who wears a red tie with a white shirt!
“Crypto is at an existential moment,” Zack Guzmán, a crypto journalist and founder of the Web3 media company Trustless Media, warned on Jan. 18. “I understand the desire to make quick money; I understand the excitement of
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2025-03-16 21:09