Anonymous sources promise some Trump crypto something, Bloomberg reports, market cap goes up $250 billion, now rinse and repeat

I expect this is going to be a very fun and interesting thing to watch over the next few years. Because crypto/Bitcoin prices have long decoupled from any connection to adoption or underlying usefulness, prices are now determined by rumors about what big players (like the USG) are doing.

If USG decides to crack down on cryptoscams, number go down.

If USG decides to give exchanges the greenlight to do whatever they want, number go up.

If USG decides to sell some of the Bitcoin they own, number go down.

If USG says they're going to buy Bitcoin off the open market, number go up.

Let's see what happened yesterday. Bloomberg wrote:

President-elect Donald Trump is planning to release an executive order elevating crypto as a policy priority and giving industry insiders a voice within his administration, according to people familiar with the plans.

The order is expected to name crypto as a national imperative or priority — strategic wording intended to guide government agencies to work with the industry, according to people familiar with the matter. It is also slated to create a crypto advisory council to advocate for the industry’s policy priorities, said the people who requested anonymity to discuss an executive order that is not yet public.

Whatever it means (I have no idea, really) Bitcoin price responded. Bitcoin is now trading over $105,500 after dropping below $91,000 as recently as Monday, after some outlets were reporting that DOJ was gearing up to dump a trove of confiscated Bitcoins. (The source of this news, from I can tell, is from screencaps posted to Twitter and breaking news from "The Shib Daily" which is the first news that comes up when I capital-G Googled this, right after the AI summary which agreed. Also we are fucked epistemically.)

It doesn't take the keen mind of someone like George Soros or Peter Thiel to see how this can be gamed. It's a good thing there is no culture of fraud within the Trump administration.