Trump sees crypto as potential solution to US debt
Bitcoin is once again making headlines. The world's largest cryptocurrency has caught the attention of none other than Donald Trump. The US presidential candidate has noted the growing importance of digital assets in the national economy.
The Republican is confident that BTC could become a key tool in addressing the burgeoning US national debt, which has surpassed $35 trillion. "Crypto is a very interesting thing," Trump said, proposing the idea of using digital assets to settle the national debt. "Maybe we'll pay off our $35 trillion dollars, hand them a little crypto check, right? We'll hand them a little bitcoin and wipe out our $35 trillion," he noted.
This concept aligns with the Bitcoin Act, a bill proposed by Senator Cynthia Lummis, which also envisions using Bitcoin to reduce the US debt.
The eccentric billionaire has highlighted the immense size and the economic impact of BTC, emphasizing its growing global significance as its market capitalization expands. According to Trump, Bitcoin has become "bigger than any company in the world" over the past decade and has gained considerable weight in financial circles.
Trump also believes that other countries will eventually adopt Bitcoin, and America risks falling behind. He explicitly states that he wants the United States to lead in this critical area. "We will ensure that the future of crypto and the future of Bitcoin will be made in America, otherwise other countries are going to have it," the US presidential candidate said.
The billionaire argues that the US has all the resources needed to implement this idea. He has previously criticized the Biden administration’s approach to regulating digital currencies, suggesting that US authorities lack the necessary understanding to effectively manage the sector. Trump believes that a more flexible regulatory framework is conducive to the rapid growth of digital assets and that this momentum should be maintained.
However, some analysts are skeptical of Trump's remarks. Euro Pacific Capital CEO Peter Schiff views his statements as populist rhetoric. "If Trump really intended to use seized Bitcoin to start a US ‘strategic’ reserve, he'd have kept his intention a secret until he was actually in office. Now that the Biden administration is wise to his plan, they'll make sure to sell every Satoshi before Trump takes office," the expert suggested.