Could Trump's "Crypto Reserve" TOTALLY DESTROY America's Finances?

Trump’s crypto summit unveiled a plan for a national Bitcoin stockpile, dubbed "Crypto Fort Knox." Christopher Markowski questions the Treasury’s move to hold seized Bitcoin—200,000 coins worth $16.7 billion—as a reserve asset like gold. While feds missed out on billions by selling 195,000 Bitcoin over a decade, Markowski doubts the government’s role in crypto, fearing misuse and volatility. www.watchdogonwallstreet.com

Episode Transcript

Speaker 1 (00:00):
The Watchdog on Wall Street podcast explaining the news coming
out of the complex worlds of finance, economics, and politics
and the impact it will have on everyday Americans. Author,
investment banker, consumer advocate, analyst, and trader Chris Markowski.

Speaker 2 (00:16):
So they had this little crypto summit on Friday, and
they talked about a plan to establish a national.

Speaker 3 (00:27):
Stockpile for bitcoin and other crypto tokens. And I'm scratching
my chin Okay, yep. This executive order that was issued
directs the Treasury Department to take custody and preserve government
holdings of bitcoin and other cryptocurrencies that are seized as

(00:52):
part of investigations into wrong doing. Again, I'm following the
right now. So when there is some sort of crypto
scam or you catch, you catch bad guys, you catch
human traffickers, because again, let's be honest, cryptocurrency is the

(01:15):
currency for bad guys. It is now, There's no doubt
about it. It is the currency for bad guys. They're
going to just hold on to these crypto currencies in
some new sort of I guess crypto fort Knox, all right.
They talked about how the government has sold about one

(01:38):
hundred and ninety five thousand bitcoin over the past ten
years for a total of three hundred and sixty six
million dollars. They said if they didn't sell and they
held on, it would be worth seventeen billion. Today they're
saying that federal agencies now hold some two hundred thousand
bitcoins worth sixteen point seven billion at current market prices,

(02:05):
but there hasn't been an audit. Trump wants to have
an audit. He then wants a treasury to manage this
bitcoin stash as a reserve assets similar to gold and
foreign currency. Oh boy, again, it's not a currency. Bitcoin

(02:26):
is highly volatile, but other things can be volatile as well.
We've had a sell off. It was interesting. You would
think that this bitcoin summit in Bitcoin Fort Knox that
bitcoin would have rallied. It didn't. It didn't. The bitcoin
people were expecting that Trump was going to actually say, hey,

(02:48):
we're going to start buying it. We're going to actively
start going out and buying crypto, which I'm glad they're
not going to do again. They want to do this,
as you know, something that's not gonna cost the taxpayers anything. Again,

(03:08):
I don't know what's gonna be done with this uh bitcoin,
Fort Knox, and how politicians will use it down the
road and say, we got this bitcoin and we're gonna
take it, we're gonna sell it, We're gonna buy this,
or you get another left winger in there and they're
gonna go out, they're gonna sell it. They're gonna, you know,
toss it to their buddies in some sort of contract

(03:29):
for some green project or whatever it may be. Again,
I don't trust the government with any of this stuff.
I really don't. I don't understand the necessity of having
this bitcoin reserve. I would get liquid. I don't think

(03:50):
the government should be taking a position either way. And
I've always had that. Again, you're gonna get peeple on
the opposite side of the coin yell and they oh,
at the base of the dollar, debase the doll It's
been the base all Yeah. I get all that. I
understand that. But again, I'm a cryptome Fort Knox. Yeah,

(04:15):
maybe I'm just too old. I just don't trust people
in Washington, DC. Watch dot on Wall Street dot com