The narrative about using Bitcoin (BTC) and cryptocurrency to service the country’s national debt continues to garner traction. This time, former President and Republican candidate for the 2024 Presidential Election, Donald Trump, has doubled down on the matter — suggesting that these assets can eliminate the astounding $35 trillion debt.
Trump’s Plan for the U.S
Donald Trump Suggests Paying Off $35T National Debt with #Bitcoin Trump has labeled himself the “crypto president” choice in this coming election, proposing many pro-crypto initiatives. pic.twitter.com/gkFImxp0j0
— Kapoor Kshitiz (@kshitizkapoor_) August 2, 2024
Trump has been a vocal advocate of crypto since his campaign started. In a sit-down with FOX Business’ Mario Bartiromo, held in Bedminster, N.J., on Thursday, Trump lauded the crypto industry and reiterated his goal to make the United States a frontier in the digital asset space.
An excerpt from the interview has gone viral on social media X (formerly Twitter). In the clip, Trump hinted at the role Bitcoin could play in making America solvent again, “Maybe, we can pay off our 35 trillion debts by handing them a little crypto check, hand them a little Bitcoin and wipe out the $35 trillion.”
Trump’s recent comments followed his keynote speech at the Bitcoin2024 conference in Nashville, where he championed a more prominent role for digital assets in the American economy. His appearance at the conference highlighted his growing interest in the crypto sector and his belief in its potential benefits for the U.S.
Trump’s idea of using Bitcoin to address the national debt is central to the new Bitcoin Act bill introduced by Senator Cynthia Lummis.
Adoption is Inevitable
Trump continues that the global adoption of Bitcoin is inevitable, and now is the time to embrace the digital asset sector, and the U.S. must lead in that aspect. He emphasized:
“If we don’t embrace it, other countries are going to embrace it. Other countries will anyway. But we can be the leader, and we might as well be the leader.”
He stated the necessity for the U.S. to take a leadership role in the crypto industry. He stressed that the country has the talent and resources to dominate this space and warned that if America does not seize this opportunity, other nations, like China, certainly will.
The former President also criticized the Biden administration’s approach to crypto regulation, suggesting it lacks the intellect to manage the sector effectively. He stated:
“Biden doesn’t have the intellect to shut it (crypto) down. Can you imagine this guy telling you to shut something down like that? He has no idea what the hell it (crypto) is.”
Trump’s remarks come amid ongoing debates about the future of crypto regulation and the role of digital assets in the global economy. His statements highlight the potential for a significant shift in the U.S. approach to cryptocurrency, with far-reaching implications for national policy and the international financial landscape.
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