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Cliff Asness: The New 'Crypto Fort Knox' Is as Dumb as It Sounds

To create a sovereign wealth fund dedicated to something five times or more as volatile as straight-up stocks is an awful idea.

While there are some worthy competitors, it’s hard for me to remember a much worse idea than the U.S. launching a “ strategic cryptocurrency reserve.” Nevertheless, on Thursday, President Donald Trump issued an executive order calling for just such a fund. A sovereign wealth fund for the U.S., which President Trump has also begun planning, is inappropriate, unneeded, likely harmful, and potentially quite corrupt. To support independent journalism, and unlock all of our investigative stories and provocative commentary about the world as it actually is, subscribe below.

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