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Trump’s big new Bitcoin push alienates his gold-bar-hoarding base

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Donald Trump
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Former President Donald Trump’s posts on Truth Social—the free speech social media platform he launched two years ago—generally receive a warm reception.

But a late-night missive promoting Bitcoin on Tuesday seems to have alienated his audience.

“VOTE FOR TRUMP! Bitcoin mining may be our last line of defense against a CBDC [Central Bank Digital Currency],” Trump wrote shortly before midnight.

“Biden’s hatred of Bitcoin only helps China, Russia, and the Radical Communist Left,” he continued. “We want all the remaining Bitcoin to be MADE IN THE USA!!! It will help us be ENERGY DOMINANT!!!”

Trump then linked to a Bitcoin Magazine op-ed penned by Brian Morgenstern, a former staffer in the the Trump administration and current head of public policy for Riot Platforms, a large Bitcoin mining company.

The article called Trump the “Best choice for Bitcoin.”

The Federal Reserve has been considering using a CBDC, noting on its website that it could provide households and businesses with a “convenient, electronic form of central bank money, with the safety and liquidity that would entail” and support faster payments.

Many conservatives have pushed back on a potential CBDC due to concerns about an expansion of power for the Fed and conspiratorial, apocalyptic fears.

“Anti-CBDC legislation is necessary to safeguard Americans’ financial privacy in the face of potential surveillance, control and political intimidation,” Ryan Walker, executive vice president of the conservative Heritage Foundation’s political arm, told Politico in a statement earlier this year.

Morgenstern’s piece calls Trump’s support of Bitcoin a key effort of “decentralization” which could, outside of legislation, also thwart a CBDC

But on Truth Social, pushing back against CBDC does not go far enough.

While plenty of Trump’s base is Bitcoin-hyping hustlers, a great deal fear any digital currency as a government intrusion.

Many have accused the government of wanting to eliminate cash entirely, to curtail freedom and track individual purchases.

“Gold standard… not Bitcoin,” replied one self-described Christian conservative user.

“CASH IS KING!” replied someone else, posting an image calling for a transition back to a gold-backed currency. “Make money valuable again,” the image’s text overlay reads.

Gold bars have been a long-time fixation on the right, and a number of right-wing influencers promote gold on their podcasts and streams, running counter to the president’s new fondness for Bitcoin.

“Bitcoin is a fantasy, no real wealth, gambling with no odds,” commented someone else.

One Trump supporter offered stronger choice words in response to Trump’s post.

“FUCK bitcoin! It is not US currency, and should never, ever be allowed for monetary exchange,” the user wrote. “I am truly disappointed that you, of all people would support this sham.”

But Trump has embraced cryptocurrency, billing himself as a “crypto president” during a fundraiser in San Francisco last week and rebuking Biden’s approach to cryptocurrency regulation.

“I AM VERY POSITIVE AND OPEN MINDED TO CRYPTOCURRENCY COMPANIES, AND ALL THINGS RELATED TO THIS NEW AND BURGEONING INDUSTRY,” he wrote on Truth Social in late May.

Trump added that the U.S. should be the leader in cryptocurrency but that Biden “WANTS IT TO DIE A SLOW AND PAINFUL DEATH.”

That post came less than one week after his campaign announced it would accept cryptocurrency donations to “build a crypto army moving the campaign to victory on November 5th!”

Trump’s positive stance on cryptocurrency marks a major shift from comments he made while in office.

“Bitcoin, it just seems like a scam,” Trump said in 2021. “I don’t like it because it’s another currency competing against the dollar.”

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It is illegal for NNPCL to fix price of Dangote petrol – Falana

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Femi Falana, SAN
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Human rights lawyer, Femi Falana, SAN, says it is illegal for the Nigerian National Petroleum Company Limited, NNPCL, to determine the price of Premium Motor Spirit, also known as petrol, for the Dangote Refinery after deregulation.

Falana, who said this in a statement on Tuesday, added that the action of the NNPCL contravenes Section 205 of the Petroleum Industry Act, PIA.

“On September 5, 2024, the Nigerian National Petroleum Corporation Limited (NNPCL) stated that foreign exchange (forex) illiquidity had been a significant factor influencing the fluctuation in prices of Premium Motor Spirit (PMS) governed by unrestrained market forces, as provided for in the Petroleum Industry Act, PIA.

“The NNPCL was explaining the pump price of PMS imported into the country at the material time. Specifically, the Executive Vice President of Downstream NNPC Ltd Mr. Adedapo Segun, explained that Section 205 of the PIA, which established NNPC Ltd, stipulated that petroleum prices were determined by free market forces.

“But contrary to the well-publicised statement, the NNPCL has fixed the price of PMS produced by the Dangote Refinery and Petrochemical Company Limited. The action of the NNPCL is a violent contravention of section 205 of the PIA, which stipulates that the prices of petroleum products shall be determined by market forces.

“Furthermore, since the petrol sold by Dangote is not imported into the country but produced at the Lekki Economic Free Trade Zone, the NNPCL cannot justify the sale of petrol at N950 per litre without freight cost, lightering cost, jetty depot fees, storage fees, foreign exchange costs, NPA charges: NIMASA charges, Customs duties etc,” he said.

Falana’s outburst followed the commencement of PMS lifting by the NNPCL from the Dangote Refinery.

DAILY POST recalls that as soon as lifting commenced, NNPCL announced that the product would sell for N950 per litre in Lagos State and its environs, and above N1,000 per litre in states such as Borno.

Reacting, the Independent Petroleum Marketers Association of Nigeria, IPMAN, on Monday, criticised NNPCL, saying it was not right for petrol lifted from the Dangote Refinery to cost higher than imported ones.

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Dangote refinery: Naira transaction for PMS to begin October 1st – NNPC

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Dangote refinery
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The Nigerian government has announced that it will begin paying Dangote Refinery in Naira for petrol supply starting October 1st.

This decision was made after a meeting with the Implementation Committee on the Naira crude oil sale.

The government also disclosed that the Dangote Refinery and other local refiners in Nigeria will begin to buy crude oil from the Nigerian National Petroleum Company (NNPC) Limited on October 1, 2024.

The NNPC will supply approximately 385,000 barrels per day of crude oil to the Dangote Refinery, which will be paid for in Naira.

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Dangote Refinery plans sea transport for 75% of local supply, targeting Warri, Port Harcourt, and Calabar

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Dangote Refinery
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Dangote Refinery has announced plans to transport 75% of its local petroleum product supply via sea routes, targeting key locations like Warri, Port Harcourt, and Calabar.

This shift to sea transportation aims to reduce the higher costs associated with road distribution.

The refinery has the capacity to load 83% of its products by road, but it is ramping up efforts to evacuate nearly all production by sea.

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