On the Sunday Special episode of Human Events Daily, host Jack Posobiec spoke with Darren Beattie of Revolver News to discuss collapsing company FTX and how President Trump was early in warning about the dubious nature of the cryptocurrency market.
"Trump was very explicitly opposed to cryptocurrencies and called it a scam and he may end up very well being vindicated by this," Beattie said. "Actually yes, I remember I remember specifically when he tweeted that out, Posobiec agreed. "I guess it was a couple of years ago now."
Trump, who has reinstated to Twitter on Saturday by CEO Elon Musk, tweeted a warning about crypto early in its inception and said, "I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior."
Posobiec noted how the crypto market boomed in 2020.
"What happened was everybody had those stimulus checks during the lockdown," the host said, noting how the crypto market became a playground for the stimulus money. As Trump warned about crypto, people were "calling him 'Boomer Trump' with his 'Boomer take' about crypto and Bitcoin and the old dog just doesn't get it."
"And now here we are two years later, and we're seeing the collapse of crypto," Posobiec added.
The two then pulled in the example of FTX, as earlier this month $2 billion of its customer funds inexplicably vanished. At the same time, its disgraced former CEO, Sam Bankman-Fried had a personal net worth of around $16 billion but that reportedly diminished by 94 percent at the same time.
Posobiec noted that FTX looked like an "intelligence operation" and a "money laundering operation" that left its customers out to dry.
"FTX may just be the tip of the iceberg," Beattie said.
"And you know, we can look at it and say this is a big scam, which it obviously is," Beattie added.
"It can be a scam and a money laundering operation at the same time and you really have to look at some of these things and why they're allowed to continue for as long as they are," Beattie said. "And you kind of get to the root of the scam."
Part of the scam involved Ukraine partnering with FTX under Bankman-Fried, who made donations to the Dems that totaled $39.8 million, putting him just behind George Soros and his $128 million in donations for the 2021-22 cycle.
FTX had partnered with Ukraine to process donations to its war efforts within days of Joe Biden pledging billions of American taxpayer dollars to the country. FTX converted crypto contributions to Ukraine’s war effort into fiat for the country. Ukraine partnered with FTX, whose CEO gave millions to Democrat leaders, including Joe Biden, who sent taxpayer money to Ukraine.
"We might have just seen the very beginning of the whole kind of crypto scam unraveling," Beattie said.