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- Trump proposes using Bitcoin to pay off $35T U.S. debt
- Trump has been a strong advocate for Bitcoin
- Lummis bill aims for U.S. to hold 5% of Bitcoin supply
US Presidential Candidate Donald Trump has proposed utilizing Bitcoin to repay the country’s $35 trillion debt. In an interview with FOX Business, the former President states, “Who knows, maybe we’ll pay off our $35 trillion dollar, hand them a little crypto check, right? We’ll hand them a little Bitcoin and wipe away our $35 trillion,”
🇺🇸 Donald Trump Suggests Paying Off $35T National Debt with #Bitcoin 🔥
— Kapoor Kshitiz (@kshitizkapoor_) August 2, 2024
Trump has labeled himself the “crypto president” choice in this coming election, proposing many pro-crypto initiatives. pic.twitter.com/gkFImxp0j0
Trump’s pro-cryptocurrency stance may influence the debate on digital assets in the U.S. economy. His support for Bitcoin resonates with a growing segment of voters and investors who see digital assets as a hedge against inflation and economic innovation.
During the interview, Trump also endorsed cryptocurrency for economic empowerment and innovation, stating that other countries would do the same if America didn’t develop digital assets.
Crypto Advocacy
Trump has emphasized embracing Bitcoin to maintain the US’s economic dominance and innovation. He believes that if the US doesn’t lead in this industry, other countries like China will overtake it. Trump believes Bitcoin will boost the US economy by changing federal financial responsibilities.
Former President of the United States of America, Donald Trump, has supported using Bitcoin and other cryptocurrencies in the past year. His recent statements escalated Bitcoin’s visibility further, advocating that the digital asset could solve America’s debt issue. He recently declared himself the “crypto president” in the upcoming election.
Reactions and Legislative Moves
The response to Trump’s proposal has been mixed. Some praise the innovative approach to solving fiscal issues, while others caution against the volatility and regulatory uncertainties surrounding cryptocurrencies.
At the same time, the adoption of legislative initiatives, like the recently proposed by US Senator Cynthia Lummis’s plan to create BTC reserves as a part of the US strategic national asset programme, evidence a rising trend of integrating cryptocurrencies into the national economy.
The proposed plan by Senator Lummis to purchase 5% of the total Bitcoin production for the US Treasury is an effective way of safeguarding the economy against future poor monetary policy decisions and fiscal misconduct.