The Trump administration will be hosting the first-ever crypto summit at the White House on Friday, March 7, where President Trump is expected to lay out his plans for the future of a US strategic crypto reserve.
Trump announced via a social media post that the new strategic crypto reserve will be comprised of cryptocurrencies ethereum (ETH-USD), Solana (SOL-USD), XRP (XRP-USD), cardano (ADA-USD), and bitcoin (BTC-USD).
Paul Krugman, a Nobel Prize-winning economist, joins Morning Brief host Seana Smith and weighs in on the prospect of the US investing in a crypto reserve.
“To the extent that crypto is in widespread use, it’s almost entirely for criminal activities, money laundering, extortion payments,” Krugman states, going on to add: “And it’s true that people have bought crypto and driven the prices way up. But you ask, well… why are we investing in something where it’s still not at all clear what the point is? And what does it even mean to have a crypto reserve? It’s not like a reserve of oil that you can use…”
Also catch Paul Krugman comment on the “destructive” nature of President Trump’s tariffs that he is planning to levy against Canada and Mexico
To watch more expert insights and analysis on the latest market action, check out more Morning Brief here: https://finance.yahoo.com/videos/series/morning-brief/
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