D.C. Memo: Call Him Crypto Chris? Newsmax CEO Ruddy to Invest $5 Million in Bitcoin and Trump Coin
Cable News Leader Plowing into an Asset Category That Warren Buffett Has Called 'Rat Poison Squared.'
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Crypto: Does Newsmax CEO Christopher Ruddy have a case of crypto fever? Newsmax said Thursday its board has authorized a plan to buy up to $5 million in Bitcoin and Trump Coin over the next 12 months, subject to market conditions. “Bitcoin is fast becoming the gold standard of cryptocurrency, and we believe it would be an important company marker to add this asset to our company reserves,” Ruddy said in a statement. “We are also excited to add Trump Coin to our cryptocurrency plan, as we believe the coin’s value should track the success of the Trump presidency, which so far has been impressive.”
Ruddy is a friend and confidant of President Trump. In recent weeks, Ruddy has been trying to protect his 24/7 conservative cable news channel by voicing his opposition to the relaxation of FCC ownership rules to pave the way for Nexstar Media Group to acquire TV station rival TEGNA for $6.2 billion in an all-cash deal and the assumption of debt. Newsmax said it expected to join more than 100 publicly traded firms holding Bitcoin or other cryptocurrencies on their balance sheets. Citing BitcoinTreasuries data, Newsmax said public company holdings represent more than 4.7% of all Bitcoin in circulation. The maximum total supply of Bitcoin is 21 million, according to Investopedia. (More after paywall.)
