Republican Nominee Donald Trump Says Crypto Could Pay Off US Debt
Former US president Donald Trump continues with his Bitcoin campaign, hoping crypto will pay off US debt.
As the clock ticks to the 2024 General Election, the Republican presidential candidate Donald Trump continues his Bitcoin campaign. In an interview with FOX Business, Trump outlined the benefits of Bitcoin adoption.
Donald Trump Plans to Use Crypto to Settle US Debt
The self-proclaimed politician stated that Bitcoin has massive potential to enable America to settle the $35 trillion debt. He believes that Bitcoin will restore the competitiveness of the US.
Having been an active investor in digital assets, Trump thinks that crypto is an interesting thing with high intellectual capability.
Speaking with FOX host Maria Bartiromo, Trump stated that other countries, including China, were silently adopting crypto. Therefore, if the US lags in crypto adoption, China will become the global leader in crypto.
In his manifesto, Trump wants the US to remain the forerunner for crypto to retain its superiority. He believes that individuals portraying themselves as crypto enthusiast are intelligent and patriotic.
With the growing popularity of crypto, Trump projects that the US will settle the $35 trillion debt using crypto checks and Bitcoin. He admitted that crypto has gained dominance in the financial sector.
However, Americans lack a comprehensive regulatory framework for digital assets, pushing crypto to the offshore market.
Trump Leads Bitcoin Campaign in US
The American politician admitted that the lack of clear regulation for crypto has undermined the growth of the digital sector. Compared to other assets, Trump stated that crypto has distinctive features that will benefit the country.
He noted that the Biden administration attempted to shut the crypto down. He stated that Biden was not a crypto intellect and lacked information on the benefits of crypto assets. Trump’s statement echoes the speech he presented at the Bitcoin 2024 conference.
He vowed to create a strategic Bitcoin national reserve and stick to the “never sell crypto” Bitcoiners’ rule. The presidential candidate promised to make the United States a Bitcoin superpower and establish a crypto council.
Trump promised to fire the anti-crypto legislators, including the US Securities and Exchange Commission (SEC) chair Gary Gensler, for stifling crypto growth.
Under Biden’s leadership, it was evident that the White House was attacking crypto assets by imposing unfriendly policies. Trump promised to abolish Operation Choke Point, which barred crypto firms from accessing the traditional banks.
The presidential hopeful regretted that the Biden administration forced good players to flee the US crypto market.
American Legislators Support Trump’s Pro-Crypto Move
Several US policymakers supported his pro-crypto movement, including Wyoming Senator Cynthia Lummis and Independent presidential candidate Robert F. Kennedy Jr. At the conference, Senator Lummis unveiled a crypto bill suggesting the implementation of Bitcoin reserves in the United States.
The Senator later presented the bill to the Senate for further review. She suggested acquiring 1 million BTC for the next five years, which will be used to settle government bills.
Subsequently, Robert F. Kennedy Jr. explained the benefits of Bitcoin to the US economy. The presidential aspirant vowed to sign several executive orders if he wins the November election. Kennedy Jr. plans to establish a Bitcoin Reserve to help the government reduce the national debt.
He vowed to work with the Treasury Department to acquire 500 BTC daily, stored in the proposed Bitcoin reserve. Also, Kennedy Jr. will order the US Justice Department and US Marshalls to transfer 204,000 BTC to the national reserve.
The politician projects that the US will be the global leader in crypto, owning a Bitcoin reserve worth a hundred trillion dollars.
Even though it’s still uncertain whether the US will settle the national debt with BTC, Trump continues to praise crypto assets. Blockchain intelligence firm Arkham Intelligence confirms that the US holds $13 billion worth of crypto assets, representing a small fraction of the national debt.
Editorial credit: Muhammad Alimaki / Shutterstock.com
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