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This is why some Trump supporters think investing in Iraq’s worthless currency will make them millionaires

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Some supporters of President Donald Trump are being manipulated by scammers into investing in the Iraqi dinar based on the false premise that the president predicted its value would soar in the coming years.

As the Daily Beast’s Will Sommer reports, scammers who have been promoting the Iraqi dinar as an investment vehicle have been telling Trump supporters that the president and the Iraqi government are conducting negotiations to “revalue” the currency that each dinar is worth three-to-four times the amount of the United States dollar.

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This would be a massive boost in the currencies valuation, which now has a value of less than $0.001 for every US dollar.

North Carolina Trump supporter Hayes Kotseos says she became convinced that Trump would raise the value of the dinar after seeing a video clip of the president in 2017 where he vaguely said that all currencies would soon “be on a level playing field.”

“I love my president, and I was like, ‘Oh my God,'” Kotseos tells the Daily Beast of her reaction to the video.

Afterward, she and her husband invested thousands of dollars in Iraqi dinars on the hopes that Trump’s deal-making prowess would soon make them instant millionaires.

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Kotseos isn’t alone either: Sommer has found that “court papers related to dinar scams often mention millions of dollars worth of dinar purchases” and that “dinar holders regularly tweet at Trump and various Iraqi government Twitter accounts, demanding to know when they’ll finally enact the ‘RV’ that will let the money flow in.”

Read the whole report here.

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… then let us make a small request. Like you, we here at Raw Story believe in the power of progressive journalism — and we’re investing in investigative reporting as other publications give it the ax. Raw Story readers power David Cay Johnston’s DCReport, which we've expanded to keep watch in Washington. We’ve exposed billionaire tax evasion and uncovered White House efforts to poison our water. We’ve revealed financial scams that prey on veterans, and efforts to harm workers exploited by abusive bosses. We’ve launched a weekly podcast, “We’ve Got Issues,” focused on issues, not tweets. Unlike other news sites, we’ve decided to make our original content free. But we need your support to do what we do.

Raw Story is independent. You won’t find mainstream media bias here. We’re not part of a conglomerate, or a project of venture capital bros. From unflinching coverage of racism, to revealing efforts to erode our rights, Raw Story will continue to expose hypocrisy and harm. Unhinged from corporate overlords, we fight to ensure no one is forgotten.

We need your support to keep producing quality journalism and deepen our investigative reporting. Every reader contribution, whatever the amount, makes a tremendous difference. Invest with us in the future. Make a one-time contribution to Raw Story Investigates, or click here to become a subscriber. Thank you.



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