Crypto Reminds Me of the Dire Straits Song, Money For Nothing

Anytime cryptocurrency is mentioned, I think of the Dire Straits song, Money For Nothing. It has no backing. If you lose $1,000,000, you’ve lost $1,000,000. There is no recovery. There is no Federal Deposit Insurance Corporation (FDIC). There are no regulations for crypto; although I hear that the Securities and Exchange Commission are looking at proposing regulations. It’s the Wild, Wild West.

Instead of using an armored truck to steal gold from Fort Knox, cyper criminals can use a computer half a world away to steal cryptocurrency. The only use for crypto is criminal activities.

DJ and Eric, with their daddy, Donnie, created their own cryptocurrency, World Liberty Financial. A perfect cyber Front for their criminal activities.

Dire Straits - Money For Nothing (Official Music Video) Feb 23, 2010 #BrothersinArms #DireStraits #MoneyforNothing The Official Music Video for Money For Nothing. Taken from Dire Straits – Brothers in Arms.

Bitcoin Price Hits Record; Here’s How Trump May Fund Strategic Reserve

Story by JED GRAHAM. December 16, 2024.

  • Bitcoin Price Surge: Bitcoin’s price topped $107,000 for the first time, marking a significant milestone.
  • Trump’s Bitcoin Reserve Plan: President-elect Donald Trump discussed creating a U.S. strategic Bitcoin reserve, possibly through an executive order.
  • MicroStrategy’s Inclusion: MicroStrategy, a major Bitcoin investor, will join the Nasdaq 100 index, boosting its stock and related crypto stocks.
  • Exchange Stabilization Fund: Trump may use the Exchange Stabilization Fund to buy Bitcoin, as it allows the Treasury to deal in various financial instruments.

The Bitcoin price topped $107,000 for the first time on Monday amid a possible clue as to how President-elect Donald Trump may put in motion creation of a U.S. strategic Bitcoin reserve upon taking office. Validation of Bitcoin as an investment also notched another milestone late Friday with MicroStrategy’s inclusion in the Nasdaq 100 and its QQQ ETF.

MSTR stock surged Monday, while Coinbase Global, Robinhood Markets and bitcoin miners took part in the updraft.

Please watch the video at Investors.com - Bitcoin’s $100,000 Milestone: What Does It Mean For Investors?

Bitcoin Strategic Reserve Funding?

During the campaign Trump discussed a $20 billion Bitcoin reserve. He gave every indication that’s still on the table during a CNBC interview on Thursday.

Asked by CNBC’s Jim Cramer whether a Strategic Petroleum Reserve, but for cyrpto, was coming, Trump answered, “Yeah, I think so.”

“We’re going to do something great with crypto.”

Rep. Cynthia Lummis, Wyo.-R, has proposed that the U.S. government buy 1 million bitcoin over five years, at a current cost of over $100 billion based on today’s price. However, that requires buy-in from Congress.

Short of that, some cryptocurrency industry insiders have suggested in recent days how Trump might proceed to establish a bitcoin reserve.

Strike CEO Jack Mallers said on Tim Pool’s podcast that Trump plans to sign an executive order on Day One establishing a bitcoin reserve. “People are looking at the dollar stabilization act as it gives the president wide discrepancy to protect the dollar.”

Satoshi Action Fund CEO Dennis Porter, a crypto advocacy organization, provided even more detail, posting, “I can confirm that Trump is exploring an Executive Order creating a ‘Strategic Bitcoin Reserve.’”

Porter said Trump is exploring use of the Exchange Stabilization Fund for buying Bitcoin.

Three Huge 2024 Winners Joining The Nasdaq 100. Here’s The Big Loser.

Exchange Stabilization Fund Facts

Here’s a primer from the Treasury Department: The Exchange Stabilization Fund was established via the Gold Reserve Act of 1934, then amended in the late 1970s.

The Exchange Stabilization Fund conducted gold transactions up through 1971.

The act provides that the Department of the Treasury has a stabilization fund, consistent with its obligations to facilitate an orderly system of exchange rates. The ESF “with the approval of the President, may deal in gold, foreign exchange, and other instruments of credit and securities.”

Bitcoin Price, MSTR, COIN

Bitcoin popped as high as $106,491 late Sunday, to surpass its previous all-time high near $103,900 from Dec. 5.

After easing back to around $103,600, Bitcoin has gotten a second wind, rising to $107,778 on Monday afternoon. The world’s largest cryptocurrency has soared around 160% over the past 12 months.

Meanwhile, bitcoin proxy and software company MicroStrategy is set to join the Nasdaq 100 index, effective Dec. 23. The Nasdaq 100 is composed of the largest nonfinancial companies in the Nasdaq composite Index. The addition of MSTR means that ETFs, including the highly-popular Invesco QQQ Trust, will become automatic buyers as well, CNBC reported.

MSTR jumped 6.7% in Monday afternoon stock market action. Among other crypto-related plays, Coinbase stock rose 4.4%, Robinhood 7.7%, and MARA Holdings 11%.

MicroStrategy’s massive Bitcoin bet has so far paid off. The company said Monday that it has acquired 439,000 Bitcoin for $27.1 billion, or $61,725 per Bitcoin. That leaves a profit on paper of $19.1 billion. However, the stock has an $85 billion market capitalization, even though its enterprise software business is losing money.