Highlights:
- Trump advises the federal government to hold its crypto assets and praises Bitcoin’s benefits.
- He sees Bitcoin as crucial for US competitiveness and compares it to AI.
- Trump proposes using Bitcoin holdings to reduce the national debt and support mining.
Former United States President and current leading Republican presidential candidate Donald Trump reiterated his support for Bitcoin (BTC) and crypto during an interview with popular streamer and influencer Adin Ross on August 5.
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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 emphasized that if the US doesn’t innovate in the digital asset space, other countries will take the lead. He noted that China, the U.S.’s major geopolitical rival, is advancing significantly in the cryptocurrency and artificial intelligence sectors. Trump said the federal government should refrain from selling its crypto holdings despite the speculation surrounding the matter. He then shifted his focus to praising the benefits of the Bitcoin industry.
Trump stated:
“It’s a very modern currency, it’s a very modern form, and I know a lot of very good people that are really into that world, and into that market, they’re smart, they’re good people, and they think it’s going to be very beneficial.”
He highlighted the significance of digital assets, calling crypto a “very modern currency” with transformative potential comparable to artificial intelligence (AI).
The former president said:
“It’s like AI — ‘ do you love it or do you not like it?’ — if we don’t do it, China is going to do it, or other people are going to do it, and we can’t be left behind, and crypto is right in that sphere.”
US Government’s $2 Billion Bitcoin Transfer Sparks Speculation
The discussion follows a major transaction last week, where a wallet linked to the US government transferred $2 billion worth of Bitcoin to an unknown wallet, according to data from Arkham Intelligence. The US government currently holds approximately $11.1 billion in cryptocurrencies.
Some speculate the government plans to sell tokens, worsening market fear driven by economic and geopolitical tensions. However, others suggest that the transfers may be related to the US Marshals Service’s recent decision to use Coinbase for asset custody.
Donald Trump Vows to Make US a Bitcoin Mining Powerhouse
Earlier this year, Trump changed his position on cryptocurrency and delivered a speech last month at Bitcoin 2024 in Tennessee, one of the industry’s largest conferences. The former president announced plans to create a crypto and Bitcoin presidential advisory council and vowed to make America a “Bitcoin mining powerhouse” if re-elected. Trump also advises people to “never sell your Bitcoin.” His appearance at the event reportedly helped raise $21 million for his re-election campaign.
Chairman and CEO of Bitcoin mining company MARA, Fred Thiel, spoke at Bitcoin 2024 and expressed his belief that the Bitcoin mining industry would thrive under Trump. Thiel’s fellow panellists largely agreed, with Jason Les of Riot Platforms noting that he anticipated a Harris administration’s policies would likely align with those of the Biden administration.
Trump and Lummis Advocate for Strategic Bitcoin Use to Tackle National Debt
Trump’s remarks come as the debate over crypto’s role in the US economy intensifies. In a Fox News interview on August 2, he suggested using some of the government’s Bitcoin holdings to reduce the $35 trillion national debt. Trump said Bitcoin’s rise in value compared to the US dollar could gradually drain value from the fiat system and shift the nation’s wealth into a more stable asset.
TRUMP FLOATS IDEA OF PAYING OFF $35T NATIONAL DEBT WITH BITCOIN
– US Presidential Candidate Donald Trump suggests paying off the $35 trillion national debt with Bitcoin, proposing a "crypto check" to address the debt issue.
– Throughout his reelection campaign, Trump has… https://t.co/FalTdwQ76t pic.twitter.com/WSWOKDisRA
— BSCN (@BSCNews) August 2, 2024
Moreover, Senator Cynthia Lummis has proposed legislation mandating the US to buy up to 200,000 Bitcoin annually for the next five years, highlighting the increasing political significance of crypto.
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