‘Old fashioned scam’: Rachel Maddow warns new Trump move akin to '90s ‘Beanie Baby bubble'

President Donald Trump’s new executive order creating a “strategic reserve” of cryptocurrency was subjected to a brutal round of mockery by Rachel Maddow, who told MSNBC viewers Thursday that the move is reminiscent of collectors scooping up Beanie Babies in the 1990s.

“It is a deeply, deeply old fashioned simple scam at this point, which points right to the White House,” Maddow said.

Maddow on Thursday ripped into Trump’s order, which authorized the federal government to stockpile cryptocurrency assets seized by law enforcement.

“Imagine Trump had just announced that the U.S. government was going to buy up tons of Beanie Babies,” Maddow said with a laugh. “We are going to establish a federal government reserve of billions of Beanie Babies. What do you think would happen to the value of Beanie Babies – right?

She continued to knock the president’s eyebrow-raising order as she compared the cryptocurrency fad of the 2020s, to the obsession with the plush collectibles created 30 years ago.

“It’s like when there was the Beanie Baby craze in the late 90s,” Maddow said. “People started buying these stuffed animals, right? Beanie Babies kind of inherently not worth much, but people were speculating on them, right? It was a Beanie Baby trading bubble, other than maybe some emotional value if you had one as a child, Beanie Babies didn't have much inherent value.”

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The host – who Trump said hours earlier should be "forced to resign" – added though that they were still “worth buying up a bunch of them because there was speculation on the premise that as collectibles, maybe one day your Beanie Babies collection could be worth a lot of money.”

“Cryptocurrencies operate on the same idea,” Maddow continued. “They have no inherent value at all, the only value they have is if you have some reason to believe that somebody else might want to buy them from you in the future, that's it.”

She concluded that the “key to actually making money” is to convince others that “your crypto is popular and in demand, convincing people that your crypto thing is going to have value in the future.”

“It's going to be collectible as Beanie Babies.”

Trump’s action comes ahead of a White House crypto summit on Friday.

Watch the clip below or at this link: