Chris Hayes Warns: The Hidden Dangers of Cynthia Lummis’s Bitcoin Act!
Chris Hayes recently unveiled a shocking plan concocted by Republican legislators aimed at transferring a staggering amount of taxpayer dollars to Bitcoin holders. Yes, you heard it right: billions of dollars are at stake!
The centerpiece of this audacious scheme is a bill introduced by Sen. Cynthia Lummis (R-WY). If this bill sails through, the U.S. Treasury would be mandated to purchase an eye-watering one million Bitcoins over the next five years—a move that could cost taxpayers up to $100 billion, especially with Bitcoin trading at an astounding $100,000 as of Friday!
Opening Friday’s episode of All In on MSNBC, Hayes pointed out that the recent influx of campaign cash from crypto enthusiasts has given Republican lawmakers the green light to cash in on their bet. As the GOP prepares to take control of Congress and the White House in January, it’s worth noting that President-elect Donald Trump—once a fierce critic of cryptocurrency—has now seemingly embraced it, flipping his previous stance of calling it a “scam.”
Hayes didn’t hold back, stating, “They’re looking for a bailout—whether overtly or covertly—if this house of cards comes crashing down.” He emphasized the extreme volatility of crypto, remarking on how the GOP’s recent Senate victories were bolstered by the crypto industry’s financial muscle. Now, they’re setting the stage to return the favor, and it’s time for you to pay attention because the pieces of this puzzle are in plain sight.
In a clip from a July crypto event, Lummis excitedly introduced her bill, declaring, “We’ve got a present for President Donald Trump!” She described her vision for a Bitcoin strategic reserve to ensure transparent management of the federal government’s Bitcoin holdings.
“This is one of the most brazen plans I’ve ever seen in Congress,” Hayes exclaimed. “Wealthy crypto owners face a liquidity crisis. Bitcoin may be worth over $100,000, but selling significant amounts can tank its value.”
He went on to highlight David Sacks, the newly appointed “White House A.I. & Crypto Czar,” who reportedly has vast Bitcoin holdings. “Bitcoin isn’t like cash that you can quickly spend or invest,” Hayes explained. “It’s largely a speculative asset, making it enticing for criminal enterprises. So, what’s the play here? They’re looking to sell to the U.S. government!”
Hayes showcased another clip where Lummis laid out how her bill could lead to the government acquiring one million Bitcoins. However, selling them to alleviate the national debt is not as straightforward as it sounds.
“Paying down the debt? You can’t do that with Bitcoin! Are you following what’s unfolding right in front of us? The U.S. government would be funneling billions into the pockets of wealthy crypto holders. The Bitcoin Act plans to offload some of our gold reserves from Fort Knox to fund this massive Bitcoin purchase, which will likely exceed $100 billion due to rising prices once a new buyer enters the market.”
This is nothing short of a colossal heist. They’re backing the truck up to the government, right under our noses. It’s a massive bailout for the crypto industry, transforming a speculative asset into real cash—all at your expense! And with Sacks as the crypto czar, you can bet he’ll be leading the charge.
Ironically, for years, crypto advocates have pitched it as a libertarian dream—free from government, banks, and financial red tape. Yet, here we are, watching as they demand government intervention to secure their wealth.
[CLIP OF DAVID SACKS]: There’s a significant risk of currency debasement when the government is in control, especially with the world reserve currency. Bitcoin offers a different currency model, one that isn’t government-backed but rather secured by math and encryption.
HAYES: All that lofty rhetoric crumbles when Republicans decide it’s time to initiate a massive upward transfer of wealth to bail out the crypto world.
Catch the full segment above via MSNBC and brace yourself—this crypto saga is just getting started!
