this post was submitted on 05 Jul 2026
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3.8 Billion Dollars doesn't disappear. Saying that the buyers "lost" 3.8 Billion Dollars is only telling half the story, and IMO the least important half.
Buyers spent 3.8 billion dollars on a coin that is worthless. So who received the 3.8 billion dollars? Most of it went to the people who sold the coin originally.
In other words, Trump fleeced his base. Again.
I'm not sure he actually fleeced the big buyers. One of the main "problems" in paying a bribe is how to present the payment as something legitimate.
If you can maybe just innocently "invest" in some crypto scheme. Totally legitimate investment, just so happened it failed, oh well.
Just like the amount the working class “lost” during covid was exactly the same amount that the ruling class “earned”.