MAGA Lord Donald Trump Eyes Bitcoin to Tackle $35 Trillion US Debt: Consults Bitcoin Expert David Baileyđ
Donald Trump is turning to cryptocurrency as a potential fix for the $35 trillion US national debt.
In a recent discussion, Trump asked David Bailey, CEO of Bitcoin Magazine, if Bitcoin could help manage the massive debt. Bailey revealed this conversation during an X space session, mentioning that although he had ideas, he wasnât ready to dive deep into them at the time. Since then, Bailey and his team have been working closely with Trumpâs campaign to shape pro-Bitcoin policies.
âWe proposed a comprehensive executive order for President Trump to sign on day one. I will be sharing those details soon,â Bailey announced. Bailey also urged crypto enthusiasts to contribute to Trumpâs campaign, with plans to raise a $100 million war chest.
This pro-crypto stance marks a dramatic shift for Trump, who previously criticized Bitcoin and other cryptocurrencies. He recently lambasted President Bidenâs administration for misunderstanding crypto and pledged to foster a more supportive regulatory environment. At the Libertarian Partyâs National Convention, Trump vowed to protect the right to self-custody crypto assets and oppose the creation of a central bank digital currency (CBDC).
Trumpâs new position has garnered backing from notable crypto figures. Justin Sun, founder of TRON, and Charles Hoskinson, co-founder of Cardano, have voiced support for pro-crypto candidates, while Mark Cuban has criticized the current administration's crypto policies. Institutional support is also growing, with Coinbase creating a political action committee to back pro-crypto candidates.
According to Polymarket, a crypto-based prediction platform, Trump has a 56% chance of winning the election, compared to Bidenâs 37%. With strong support from key crypto players and a promise to create a favorable regulatory environment, Trumpâs potential return to office could significantly impact the crypto industry.
