Former US President Donald Trump made an unscheduled stop at Pubkey, a Bitcoin-themed bar in Greenwich Village, Manhattan. The bar is located near New York University, where his son, Barron Trump, has just started attending.
Trump's Visit to Pubkey
Donald Trump made a spontaneous visit to the Bitcoin-themed bar Pubkey, located in Manhattan. It was part of his busy campaign schedule before a rally on Long Island. According to Pubkey’s CEO Thomas Pacchia, the experience of hosting Trump was amazing.
Reaction to Interest Rate Cut
During his visit, Trump commented on the recent decision by the Federal Reserve to cut interest rates by 50 basis points. The rate now sits between 4.75% and 5%, marking the first cut since the Fed started aggressively raising rates to combat post-pandemic inflation. Trump stated that the rate cut either shows 'the economy is very bad,' or that the Fed is playing politics. He believes that the cut signals deeper economic issues than the Fed is admitting.
Trump's New Venture and Crypto Issues
Recently, Trump announced the launch of a new venture, World Liberty Financial, which is centered around cryptocurrency. While details are still vague, ethical concerns have already been raised. Last week, Trump officially stated that 'crypto is something we have to do' during a livestream with his sons and billionaire Steve Witkoff. Trump also expressed his desire to reduce regulations around cryptocurrencies, criticizing the SEC for its hostile attitude towards the industry. World Liberty Financial is preparing to launch its own crypto token, WL. Meanwhile, the FBI has reported worrying numbers about crypto fraud, stating that Americans lost $5.6 billion to crypto scams in 2023 alone, a 45% increase from the previous year.
Donald Trump's visit to a Bitcoin-themed bar and his comments on cryptocurrencies highlight his interest in this rapidly evolving industry. However, the rise in cryptocurrency fraud also raises significant concerns among critics about the potential risks of reduced regulation.
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