Trump Offers Bitcoin Payments To Solve $35 Trillion US Debt Crisis
In a Fox News interview, former President Donald Trump supported using Bitcoin to pay down the $35 trillion national debt as he seeks re-election in 2024, signaling a shift in the Republican party's stance on digital assets.
Bitcoin: Trump's Solution to $35 Trillion Debt “Crypto is a very interesting thing, very high level in certain ways, intellectually very high level,” Trump said. The former president warned that China would take advantage of cryptocurrency if the US does not.
Trump's remarks reflect Republican lawmakers like Wyoming Senator Cynthia Lummis and former House Speaker Paul Ryan, who have proposed investing in Bitcoin to pay off the national debt.
Trump hinted about “handing out a little crypto check” or “handing them a little Bitcoin” to pay down the $35 trillion debt, but he didn't provide details.
As word of the Genesis payouts spread, Bitcoin fell below $63,000 to $62,440, its weekly low. Genesis began Chapter 11 bankruptcy payouts to creditors on August 2.
In the first distribution, BTC creditors will get 51.28% of their assets in-kind and ETH creditors 65.87%. However, creditors of other cryptocurrencies, except Solana (SOL), will earn an average of 87.65%, while Solana creditors would receive 29.58%.
Arkham reports that Genesis Trading wallets have moved 16.6K BTC ($1.1 billion) and 166.3K ETH ($521.1 million) in the previous hour.
The Genesis Bankruptcy apparently gave billionaire investor and crypto advocate Mark Cuban $19.9 million in ETH, showing its effects.
Genesis also reported that creditors had created a $70 million litigation fund to sue third parties, including Genesis' parent business, Digital Currency Group (DCG).
