The President of the United States and the world’s richest man have collaborated on a Bitcoin pump-and-dump that has already generated over $700 Bn - seemingly out of thin air. That’s more than some countries’ GDP (like Singapore, if you’re wondering).
Our new series, “Crypto Conspiracy,” exposes the scheme, and how it works. Left unchecked, it could represent the greatest transfer of wealth in history—from the American people into the Crypto wallets of some very rich people.
We observed the scheme in operation as the price of Bitcoin surged in December from $70,000 to $108,000, substantially enriching Trump and Musk. But that’s a drop in the bucket should their plan fully succeed.
Wheel of Fortunes
This is how the scheme works: Musk manipulates the public narrative on X by amplifying manufactured crises and crypto sentiment, thus inflating the price of Bitcoin. Simultaneously, Trump coordinates crypto-friendly policy moves and appointments that will lead to categorizing Bitcoin as a legitimate currency, significantly raising the profits of Bitcoin holders like Musk and Trump.
The scheme resembles a classic pump-and-dump scheme: artificially raising the price of an asset through various means, such as marketing, and then selling the asset when the price reaches its peak, substantially raising the profit of the asset holders and leaving others who bought too high with substantial losses.
In this case, that could mean the American people, as Trump plans to establish a crypto federal reserve, supplanting a significant amount of US treasury dollars and tying America‘s future to cryptocurrency.
But even if the crypto federal reserve doesn’t come to fruition, the crypto surge creates so much artificial value that it automatically dilutes the broader economy's value and reduces average citizens' buying power.
The implications are massive—huge profits for the protagonists, including Trump, Musk, a few Silicon Valley investors, and Vladimir Putin—and what could be the biggest transfer of wealth from the American people to a relatively few Bitcoin holders.
We saw it play out in six weeks from soon after the November elections and culminating in December 2024, when $700 billion in wealth was generated out of thin air.
X-Factor
Our analysis has revealed that Elon Musk’s X significantly shaped the dominant news stories during this critical crypto surge. It distracted the media from the story by amplifying crises and positioned crypto as a “safe” alternative to a crisis-prone world and a chaotic US.
Crypto watchers say the price of Bitcoin can fluctuate due to four key factors:
"Elonomics” or the influence of Elon Musk's tweets on the market.
Pro-crypto policies or the appointment of pro-crypto officials.
Major news events, natural or human-made disasters.
Large-volume sells or buys by major investors.
These four factors also contribute to Bitcoin's volatility, making it difficult to tell if a movement in its price is genuine or manipulated. This makes it perfect for a pump-and-dump scheme.
A whistleblower from inside X recently revealed that X was systematically involved in creating and amplifying fake news. "We specifically targeted certain groups of people, knowing exactly how to manipulate their views and emotions," they explained.
Their account aligns with the pattern in X's news feed. Musk’s ability to move the Bitcoin price and manipulate narratives over social media, combined with Trump’s political power and penchant for showmanship, made them uniquely capable of executing this scheme.
The scheme worked like a precision instrument, with each part of the wheel amplifying the others.
Power Play
Let’s zoom into a critical 36-hour period that took Bitcoin over the $100,000 mark, revealing that the scheme worked. While the nation was fixated on the assassination of United Health Care CEO Brian Thompson, Trump stealthily appointed David Sacks, a PayPal colleague of Musk, as the Crypto Czar and Paul Atkins as SEC Chair, effectively giving Crypto’s biggest owners authority to regulate and police the currency.
While Trump made those appointments and announced plans for a federal cryptocurrency reserve, a team of engineers at X worked to amplify posts and threads boosting the assassination story.
Here’s the timeline from Dec 4-5
6:44 a.m., Dec. 4: UnitedHealth CEO assassination dominates New York Media’s attention, amplified by X
12:47 p.m., Dec. 4: Trump announces pro-crypto SEC chair
Putin announces big Russia crypto mining expansion
Early a.m., Dec. 5: Bitcoin crosses $100,000
7:50 p.m., Dec. 5: Sacks named Crypto Czar
While America watched the manhunt unfold on screens everywhere and X amplified new narratives, three of the most significant crypto policy changes in history were quietly implemented, and Bitcoin surpassed $100,000, peaking at $108,007.
December’s Playbook
Now let’s zoom out and look at the entire post-election period until the inauguration, which was characterized by one significant news story after another - many with an unusual characteristic - narratives driven by X or involving Elon Musk.
Here are some examples (for the full chart, scroll down)
Vegas Cybertruck explosion dominated the news as Tesla faced weak sales Reports but made millions off its Bitcoin holdings.
LA wildfires coverage pushed Starlink and Cybertruck while crypto markets rose, as Musk and Trump amplified criticism of Newsom and "DEI hires."\
On New Year's Day, Musk attempted to link the New Orleans incident with the Cybertruck blast while prices peaked.
Musk turns his attention to Germany’s AFD - the party with the most pro-crypto policy platform.
Attacks on UK Labour intensified through manufactured narratives on X, while Labour questioned crypto regulations.
The pattern suggests more than coincidence: As X drove public attention to manufactured crises, the price of bitcoin climbed, and Trump and Musk's crypto holdings gained hundreds of billions in value. Each crisis served a dual purpose - distracting the news media while pushing narratives that brought further investment into crypto.
The Russia Connection
Russian President Vladimir Putin lurks in the background of this scheme. As we’ve reported, Musk was a central figure in Putin’s operation to re-elect Trump. But now we can reveal Putin was also instrumental in pushing the price of Bitcoin up over $100,000 on November 5th.
When Putin announced Russia's major crypto mining expansion on December 5th, it came amid the carefully orchestrated sequence of events that drove Bitcoin to record highs
Putin also seems to have sway over the incoming crypto czar, David Sacks. According to expert Olga Lautman, Sacks was notably silent on Ukraine until 2022, when he began amplifying Russian narratives while pushing for crypto deregulation. The timing aligns with Putin's increased interest in cryptocurrency mining and documented meetings between Putin and Musk in late 2021.
The Greatest Wealth Transfer in History
What we've observed may be part of the largest transfer of wealth in human history—executed through a perfectly coordinated scheme of market control, narrative manipulation, and political power.
The "Wheel of Fortunes" shows how it works: Musk controls the market through X and shapes the narrative that drives prices, while Trump delivers the policies and regulations that legitimize it all.
When Bitcoin surged from $70,000 to $108,000 after the election, creating the appearance of over $700 billion in new wealth, the media celebrated it as a crypto revolution. However, crypto is not about democratizing finance but about concentrating wealth on an unprecedented scale. While people cheered Bitcoin's rise, the actual beneficiaries were a small circle of insiders who already owned massive crypto holdings.
Think about it: Bitcoin is a closed market with limited supply. Who profits when Musk drives prices up through X's manufactured crises and Trump's appointees ensure limited oversight? Not the average American buying $100 worth of crypto - but the whales who hold thousands of Bitcoin, the insiders with privileged access, and the scheme's architects.
This isn't a story about crypto innovation or financial freedom. It's about how the President of the United States and the world's richest man used their power to engineer a wealth transfer from the many to the few - all while making the public think they were part of a financial and political revolution.
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