Former President Donald Trump has doubled down on his support for the crypto industry. Beyond developing a “strategic Bitcoin stockpile,” the Republican presidential candidate suggested that the United States could use Bitcoin (BTC) to pay off its mammoth $35 trillion national debt and avert an imminent debt crisis.
Bitcoin As A Fix To U.S. Debt Crisis
Trump has voiced support for using Bitcoin as a key tool in addressing the United States’ ballooning national debt.
“Who knows, maybe we’ll pay off our $35 trillion [national debt],” Trump said during an interview with Maria Bartiromo of FOX Business on Friday. “Hand them a little crypto check, right? We’ll hand them a little Bitcoin and wipe away our $35 trillion.”
Trump’s remark is a nod to the power of the supply-capped benchmark crypto to siphon and switch over US dollar inflation into a new system founded on sound money and blockchain.
Although Vice President Kamala Harris, Trump’s presumptive Democratic opponent in the presidential race, has not yet declared an official position on cryptocurrencies, one of her campaign accounts on X seemed to blast Trump’s view by highlighting his comments.
Trump: Maybe we’ll pay off our $35 trillion debt by handing them a little crypto check, handing them a bitcoin pic.twitter.com/oBFiNtW7dX
— Kamala HQ (@KamalaHQ) August 2, 2024
Nonetheless, Trump’s comments come on the heels of a new bill from Wyoming Senator Cynthia Lummis, proposing that the United States invest in BTC to pay off its debt in the long run. The legislation would establish a strategic Bitcoin reserve and allow the U.S. Treasury to purchase 1 million BTC over a five-year period.
Trump’s Plan For U.S. Bitcoin Dominance
In a bold proclamation that sent ripples throughout the crypto sector last week, Trump told Bitcoiners at the Bitcoin Nashville conference that he intends to create a strategic Bitcoin reserve if elected. According to the ex-POTUS, the Democrats keeping the White House would be a disaster for crypto.
During the recent interview, the former president also stressed the importance of the US maintaining a competitive position with China in the crypto space. “If we don’t do it, China’s going to do it. China’s going to do it anyway,” Trump stated, adding:
“If we don’t embrace it, it’s gonna be embraced by other people. It’s a massive thing already.”
Trump also praised the “very, very smart people” in the crypto industry — unlike his political counterparts who don’t like the sector. “Biden doesn’t have the intellect to shut it down, he has no idea what the hell it is,” he posited.
So far, the former president has attracted hefty support from prominent crypto proponents, including the Winklevoss twins, Kraken founder Jesse Powell, and Messari co-founder Ryan Selkis.
