Trump urges the U.S. to retain crypto assets, likening it to AI and warning of China’s growing dominance.
Recent U.S. sale of $2B in Bitcoin prompts Trump to call for expanded crypto involvement to stay competitive.
Bitcoin surges around 8.62%, as Trump and Lummis push for increased U.S. investment in digital currencies.
In a recent interview with Adin Ross Live, Donald Trump emphasized the importance of maintaining U.S. cryptocurrency holdings. As reported by Colin Wu, Trump argued that cryptocurrency is a crucial and modern currency, similar to artificial intelligence, and highlighted the risk of falling behind if the U.S. does not actively engage in the sector. His comments come at a time when the U.S. government has recently sold a significant amount of its cryptocurrency assets.
Republican presidential candidate Donald Trump said in an interview with Adin Ross Live that the US government should not sell its cryptocurrency holdings. He called cryptocurrency a very modern currency and compared it to artificial intelligence, arguing that if the United…
— Wu Blockchain (@WuBlockchain) August 6, 2024
Trump, during his livestream on Kick with Adin Ross, expressed strong opposition to the government’s decision to sell its cryptocurrency assets. He asserted that instead of divesting, the U.S. should focus on expanding its involvement in the crypto market. According to Trump, failing to do so would allow countries like China to lead in this emerging field. He drew a parallel between cryptocurrency and artificial intelligence, suggesting that both are vital to future technological advancements.
This recent push by Trump to advocate for cryptocurrency follows a notable transaction last week. The U.S. government transferred $2 billion worth of bitcoin from a wallet associated with the Department of Justice. Reportedly, these bitcoins had been seized from the Silk Road operations. Despite this sale, the U.S. government still retains approximately $11.1 billion in cryptocurrency assets.
Bitcoin Tests Key Support at $50,000 Amid Market Volatility
Trump’s stance on cryptocurrency has evolved over the years. Earlier this year, he began showing support for digital currencies more openly. His speech at Bitcoin 2024, a prominent industry conference in Tennessee, demonstrated his commitment to the crypto sector. His appearance was reportedly successful, generating $21 million in campaign contributions.
Additionally, Trump’s comments reflect a broader trend in U.S. politics regarding cryptocurrency. Senator Cynthia Lummis has proposed legislation to buy up to 200,000 bitcoins annually over the next five years, signaling growing bipartisan interest in supporting the cryptocurrency market.
Bitcoin’s market performance has been robust over the past few hours. As of press time, Bitcoin is priced at $55,830.78, with a 24-hour trading volume of $81.1 billion. The cryptocurrency has seen an impressive increase of 8.62% in the last 24 hours.
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