2024 US Presidential candidate Donald Trump continues to show his support for Bitcoin, commenting that BTC can help America wipe out its $38 trillion public debt.
After a very successful appearance at the 2024 Bitcoin Conference, as well as collecting $4 million in donations from the crypto industry, candidate Donald Trump seems to be becoming more and more "pro-Bitcoin".
In a recent interview with FOX Business, Trump shared his new idea that Bitcoin can help the US eliminate public debt.
"Who knows, maybe we will pay off the $35 trillion debt?
Let's give them some crypto, okay? We'll give them some Bitcoin, and wipe out $35 trillion of our debt."
This seems more like a joke than a real statement. Because the total market capitalization of all BTC in circulation is $1.2 trillion. The US government holds about 13 billion USD of this amount.
Thus, even if they give all the Bitcoin on the market to the US, they still cannot pay off the $35 trillion public debt, at least at the current BTC price.
Even so, Trump's comments are very similar to Senator Cynthia Lummis's new bill, which proposes that the US should invest in $BTC to pay off debt over the long term.
At the 2024 Bitcoin Conference, Ms. Lummis proposed that the US buy 1 million BTC for the national Bitcoin reserve fund within the next 5 years. She wants the government to hold the amount of BTC purchased in the strategic reserve for at least 20 years, unless the coins must be sold to serve the purpose of reducing public debt.
Trump also reaffirmed his support:
“It's a different form of currency and will ultimately benefit the country."
Next, he acknowledged that people involved in cryptocurrency are "incredibly smart" and that crypto movements have a "high level of intelligence." Thereby, Trump also had the opportunity to "kick" Mr. Biden:
"Biden doesn't have the intelligence to "ban" Bitcoin, he doesn't know what the hell it is."
However, according to the news, Mr. Biden has officially withdrawn from the race for the White House, and voiced his support for Vice President Kamala Harris.
Seemingly learning a lesson from her predecessor, Ms. Harris's campaign wants to "heal" with the crypto industry, although she currently has no official statement expressing her support for BTC.
On the Polymarket betting platform, the odds of Ms. Harris winning are constantly increasing, while Mr. Trump's odds have gradually decreased from a peak of 72% on the day Mr. Trump was "missed".
Supporting crypto is a running theme in Mr. Trump's election campaign this term, as crypto voters increasingly assert their position that cannot be ignored.
Finally, Trump concluded:
"If we don't accept Bitcoin, it will be accepted by everyone else. Bitcoin is already a big enough challenge."
