Trump spouts false economic claims ahead of crypto summit

Friday, the White House held its first “Crypto Summit”, bringing together the best executives of digital asset companies to discuss how the Trump administration plans to cancel the regulatory repression of the Biden administration against the crypto.

But the participants would have allowed themselves to feel deflated. Here is where the prices were in the past 24 hours:

The event occurred three days after Trump’s first address in the Congress since his return to the post, in which he sprang several statements, including one on the economy which does not align with the facts.

“As you know, we have inherited an economic disaster and an inflation crisis from the previous administration”, Trump declared.

Here are the facts

Gross domestic product: Under Trump’s predecessor, Joe Biden, real GDP growth was on average about 3.4% in the first three years, including growth of 2.5% in 2023. Compare this to the first mandate of Trump: not to mention the real GDP pandemic of 2.5% average. By 2020, the pandemic has led to a significant contraction and led to an overall average annual growth rate of around 1.6% for Trump’s mandate.

Inflation: Trump said the United States had been faced with “the worst inflation that we have ever had”. However, it is inaccurate – inflation exceeded 9% in 1981 and was much higher at various times in American history. Indeed, prices increased considerably in the first two years of the presidency of Biden, reaching a summit of 9.1% in June 2022. In December 2024, the annual inflation rate was 2.9%.

S&P 500 performance: Since the inauguration of Biden on January 20, 2021, the S&P 500 A resurrected About 50%, despite a 19% drop in 2022 due to increases in interest rates in the federal reserve aimed at combating inflation.

Jones of the industrial average of Dow Jones (DJIA): The DJIA has exceeded several important stages during Biden’s mandate, in particular:

• Cross 30,000 points on November 24, 2020 – Some 20 days after the election of Biden.
• Reaching 35,000 points on July 23, 2021.
• Outdated 40,000 points on May 17, 2024.

Under Trump currently, consumer confidence is down; Just stocks suffer their worst week in six months (H / T Forbes); and inflation aggravated.

As for Crypto, it is always a mystery how Trump plans to pay for the storage of digital assets which is currently implemented. Will it increase taxes? Were said There would be “no additional costs on American taxpayers”.

It is not surprising that the Republicans and Democrats are worried. See below.

It should be noted that the summit of cryptography of March 7 comes under two months after Trump and some members of his family launched their own same.

The big Crypto cannons (ie Michael Saylor, CEO of Coinbase, Brian Armstrong, CEO of Robinhood Vlad Tenev). It was a clear change in attitude compared to the Biden era, when the Securities and Exchange Commission (SEC) attracted the anger of those of the industry who estimated that the repression led by Gary Gensler were unfair.

After all, everyone in the industry was not a crook (although 2024 had a lot Shoot).

Today, these Honchos have Trump including the federal government – according to has The Felix salmon from Axios and Zachary Basu – has become “the main engine of chaos”. What could go wrong?