2025-05-31
52 分钟It carried the image of Woodrow Wilson.
But instead of the typical green of every other bill, it was a gold certificate.
Most people would never see it because the $100,000 bill was never introduced into circulation.
Instead, before the eras of digital banking and instant transfers,
the Federal Reserve used the $100,000 note to conduct transactions between its banks.
Other high-value discontinued bills, like the $500,
$1,000 and $10,000 bills, are still considered legal tender.
You could use one today.
But it is illegal to hold on to one of those $100,000 bills.
It is, of course, not illegal to hold on to other currencies an owner may never see, feel or use.
Crypto has exploded and its rise appears set to continue under President Trump.
Because the president is personally invested in and profiting from an industry his government is also charged with regulating.
I'm John Priddo, and this is Checks and Balance from The Economist.
Each week, we take one big theme shaping American politics and explore it in depth.
Today, will President Trump mainstream crypto?
He's done a 180 in recent years.
The man who once called Bitcoin a scam now encourages his supporters to buy his own meme coin.
Its biggest investors won dinner with the president.
What could possibly go wrong?
Already, in Trump's second term, financial regulators have closed investigations into crypto firms.