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- Trump Backs Crypto With Bold Order
Trump Backs Crypto With Bold Order
Musk Targets Pennies as Waste U.S. Unveils $500B AI Initiative

Trump Backs Crypto With Bold Order
President Donald Trump reinforced his pro-crypto stance with a groundbreaking executive order on Thursday, emphasizing support for digital assets and blockchain technology.
The order mandates the development of a clear regulatory framework for cryptocurrencies and explores the creation of a national digital asset stockpile. It establishes the President’s Working Group on Digital Assets Markets, chaired by Special Advisor for AI and Crypto David Sacks, alongside leaders from the SEC and CFTC. This move represents a sharp reversal from the Biden administration’s strict regulatory approach.
Jonathan Jachym of Kraken celebrated the order, highlighting its importance in addressing critical crypto industry issues. Notably, the order directs an evaluation of existing legislation and criteria for a potential federal Bitcoin reserve, which Trump has championed as a hedge against inflation.
Trump also banned the creation of a central bank digital currency (CBDC), reiterating his belief that such initiatives could threaten financial freedom. Crypto markets responded positively, with Bitcoin nearing record highs.
Musk Targets Pennies as Waste
Elon Musk has taken on challenges once deemed impossible, from popularizing electric vehicles at Tesla to landing reusable rockets at SpaceX. Now, his Department of Government Efficiency (DOGE) has targeted a new foe: the penny. Long criticized for its inefficiency, the penny costs far more to produce than its face value, with the U.S. Mint spending 3.69 cents per coin during the 2024 fiscal year. This cost has contributed to a $103 million loss from producing one-cent and five-cent coins in 2024 alone.
Sen. Joni Ernst (R-Iowa) recently urged Musk to eliminate "bad pennies," and DOGE echoed the call on X, pointing to their financial inefficiency. Other nations like Canada and Ireland have scrapped their smallest coins, opting to round prices to the nearest five cents. Despite political support, eliminating the penny faces resistance from groups like Americans for Common Cents, which argues that replacing pennies with costlier nickels won’t yield real savings. Rising metal prices, including an 80% jump in nickel since 2020, complicate the issue further.
Critics note that two-thirds of pennies never reenter circulation, exacerbating waste. While Musk’s initiative aligns with his broader push to streamline government, whether the penny’s demise will materialize remains uncertain.
U.S. Unveils $500B AI Initiative
The global race for AI supremacy pits the U.S. against China, with America launching the $500 billion Stargate Project to maintain its technological edge. Backed by OpenAI, Oracle, and SoftBank, Stargate aims to build data centers and energy infrastructure to support AI development, framing it as a national priority to surpass China in AI.
Meanwhile, Chinese startup DeepSeek has emerged as a significant player, unveiling cost-effective, open-source AI models that rival Western counterparts. Using just $5.6 million in computing power, DeepSeek’s innovations challenge the notion that AI dominance requires limitless resources. Its open-source approach has made cutting-edge AI more accessible globally.
Despite U.S. efforts to curb China’s progress with export bans and investment restrictions, DeepSeek and other Chinese firms have thrived, finding innovative ways to bypass these barriers. This intensifying competition underscores AI’s geopolitical stakes, as both nations race to dominate an industry poised to reshape the global economy and power dynamics.
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