Trump’s Plan for a U.S. Bitcoin Reserve Looks Far-Fetched

➖ The idea of building a national Bitcoin reserve took a hit this past week, as the largest cryptocurrency tanked amid macroeconomic fears.

➖That Bitcoin is volatile isn’t new, but the plunge comes on the heels of former President Donald Trump committing to building a “strategic national Bitcoin stockpile.” At a Bitcoin conference in July, he vowed not to sell the Bitcoin the U.S. already holds, which usually comes from law enforcement seizures. ➖In a Fox Business interview, he suggested crypto could somehow solve the national debt.

❗️Last Week Markets

➖ It was a dramatic week for stocks, starting with a big selloff on Monday over fears of a recession and the unwinding of the so-called yen carry trade, when traders borrow cheap yen, use it to invest in assets like U.S. stocks, then sell when the currency rallies. Stocks were volatile for the rest of the week. A big wild card going forward: the U.S. presidential election battle between Vice President and Democratic presidential candidate Kamala Harris and Republican nominee Donald Trump. On Tuesday, Harris named Minnesota Gov. Tim Walz as her running mate. On the week, the Dow industrials

DJIA : 0.13% lost 0.60%, the S&P 500

SPX : 0.47% was down 0.04%, and the Nasdaq Composite

COMP : 0.51% was off 0.18%.

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