Trump Proposes Using Cryptocurrency to Eliminate $35T US National Debt
- Trump has proposed Bitcoin as a tool for mitigating the US national debt, which is above US$35 trillion
- The former president warned that if the US does not get at the forefront of digital asset innovation, China and other countries will.
- Overall, Bitcoin is a key subject at the top brass of the political administration, with Democrats and Republicans promising to deliver innovation for the crypto industry.
The United States is US$35 trillion in debt, and Donald Trump believes Bitcoin (BTC) could be valuable in countering or mitigating an impending debt crisis.
US presidential candidate Donald Trump recently had an interview with Maria Bartiromo of Fox News. He touched on the crypto industry and how it could be stifled if the US is not at the forefront of digital asset innovation, ultimately lagging behind China.
When asked how crypto should have a more prominent role in America, Trump said Bitcoin “is already prominent and very loosely regulated.”
[Crypto] is a very interesting thing. Very high level in certain ways […] Who knows, maybe we’ll pay off our $35 trillion. Hand them a little crypto check… Hand them a little bitcoin and wipe out our $35 trillion.
Donald Trump
In the past couple of months, the former president and candidate for the White House has taken a pro-crypto stance, highlighting Bitcoin’s potential as a strategic reserve asset.
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Related: Trump Urges to ‘Keep Your Bitcoin’ Because US Will Be ‘Crypto Capital’, Announces Plans to Make BTC a Strategic Reserve Asset
Essentially, Trump’s policy regarding Bitcoin is to keep 100% of the BTC the US holds or acquires into the future and that all BTC should be mined in the country. That, and firing Gary Gensler on day one.
Bitcoin and Crypto Playing an Essential Role In US Elections
On a similar note, independent presidential candidate Robert F. Kennedy is also keen on using Bitcoin as a strategic asset. If elected, on day one, he would sign an executive order directing US federal agencies to transfer around 200,000 BTC to the Department of the Treasury for holding.
Kennedy also wants to make all transactions between the US dollar and BTC nontaxable.
So, what are Democrats saying? Well, the new presidential candidate Kamala Harris and her advisors seek to “reset” the relationship between the Democrats and the crypto community. Apparently, Harris and her team are meeting with top crypto players like Coinbase, Ripple Labs, and Circle.
Related: Kamala Harris Announces Plans to Reset Democrats’ Relationship with US Crypto Industry
Overall, the crypto industry has not only been sceptical of the Biden administration and the Democratic party, but it also has a strong aversion to Gary Gensler and everything related to the Securities and Exchange Commission (SEC).
Still, Trump did a 180 on crypto. It’s not like he’s been pro-Bitcoin his entire life, so it remains to be seen which politician makes a move that bolsters the crypto industry instead of setting it back with strange, harmful regulations or unclear guidelines.
