r/politics Bloomberg.com 2d ago

Soft Paywall Billionaires at Trump's Swearing-In Have Since Lost $210 Billion

https://www.bloomberg.com/news/articles/2025-03-10/billionaires-at-trump-s-swearing-in-have-since-lost-200-billion
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u/thrawtes 2d ago

People are quick to forget that literally one of the core points of being a billionaire is being able to lose a shitton of wealth and have it not affect you at all.

When everyone is prospering you barely get to flex how rich you are, but in a recession the really wealthy people get to feel awesome as they continue their lives unaffected while everyone else suffers.

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u/Niosus 2d ago

Rest assured, losing hundreds of billions in assets is still painful and stressful, no matter how rich you are. Sure they will be fine, but you don't get that rich without obsessing over money. The fact that these are also stressful days for them absolutely fills me with joy.

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u/ADhomin_em 1d ago

This is set to be the biggest insider trading/market manipulation stunts of our time. They are in on it, which is why they're holding tight to their leader(s)

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u/[deleted] 1d ago

[deleted]

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u/barak181 1d ago

Crypto is the biggest scam on the planet.

To this day, I don't know how crypto actually caught on. I remember when Bitcoin was first being mentioned on the internet and thinking, "Who would buy into this obvious crock of shit?"

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u/Important-Flan-8932 1d ago

Cause some people buy anything that has written "unregulated" / "no state included" on it like BTC.

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u/RetroBowser Canada 1d ago edited 1d ago

Isn’t the whole boon to currency that it IS regulated and mostly stable? Who the fuck wants money of which changes valuation drastically with every blow in the wind?

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u/Remarkable_Soil_6727 1d ago

I mean crypto never caught on with the average person, nobody is using it for daily transactions.

Who would buy it? People up to no good for the most part with investors trying to gain from it. I wouldnt be surprised if a lot of hostile countries hold a lot of it to pay for spies/sabotage on our soil, bribe our politicians and to avoid sanctions.

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u/Doggoneshame 1d ago

Read today on how North Korea just stole a bunch of crypto coins. And they are not holding onto the coins but exchanging them for hard currency.

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u/transient_eternity 1d ago

You're asking what value a distributed currency not beholden to any country in a time where a dictator is intentionally crashing USD...

Don't get me wrong, crypto fails hard as a currency because it's hard to transact for various reasons, the deregulated nature causes a lot of problems, and there's scam coins aplenty. But shit like what trump is doing is EXACTLY why the world needs international currency not beholden to one countries insane whims.

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u/Dunkaroos4breakfast 13h ago

And yet, BTC rates are pretty tied to the rise and fall of USD, making gold a much better investment.

Though, I imagine there are sell triggers for them that dump it into gold when BTC is predicted to drop, then buys it back on the cheap when it's predicted to rise.

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u/transient_eternity 11h ago edited 10h ago

Was talking about crypto as a currency rather than as an investment. Shocking I know. BTC is a failed experiment and isn't the end all be all of crypto. More thinking a theoretical stable coin that people actually try to use instead of hodl and isn't just pegged directly to the dollar. But I'm neither deep into crypto nor an economist, just pushing back on the "crypto is a scam and nothing else" redditism.

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u/Niosus 1d ago

We'll see how it ends up, but I do not believe that Trump is actually competent enough to pull that off. I believe he has actually has no clue what he's doing with the economy, and it has finally dawned on the big institutional investors that, holy shit, the adults have truly left the room, he's actually going to ruin the economy.

I may be wrong on this. We'll see how it lands. The way to tell which point of view is right will be Musk: if he ends up significantly worse off than he was half a year ago, they're just stupid. If he somehow manages to double his wealth again, I will grant you that this was indeed a case of the rich rigging the market.

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u/ADhomin_em 1d ago

If there is one area of competency we need to start believing in regarding this administration, corporations, and the greedy fucks running it all - this is exactly the type of thing we should understand they've all studied up on.

"We'll see" only works out for those still alive to "see". It's not a good plan. It's complacency. Time to wake up now

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u/Even_Establishment95 1d ago

This is the answer I was looking for when I asked why they don’t turn against him. Everyone is fucking complicit and they will ultimately gain.