Donald Trump Explores Bitcoin as Solution to $35 Trillion National Debt, Shifts to Pro-Crypto Stance
Donald Trump is exploring cryptocurrency as a potential solution to the rising US national debt.
In a recent discussion, Trump asked David Bailey, CEO of Bitcoin Magazine, whether Bitcoin could help address the nation’s $35 trillion debt. Bailey, in a recent X space session, shared the details of their conversation, noting that although he had some ideas, he wasn’t ready to discuss them in depth during their initial meeting. Over the past month, Bailey and his team have worked closely with Trump’s campaign to develop pro-Bitcoin policies.
“We proposed a comprehensive executive order for President Trump to sign on day one. I will be sharing those details soon,” Bailey announced.
Bailey’s statement has generated significant interest, emphasizing the importance of support from the crypto community. He encouraged crypto enthusiasts to contribute to the cause, aiming to ensure that the next US president supports Bitcoin.
“We intend to raise a $100 million war chest for the campaign,” Bailey shared.
Trump’s pro-crypto shift marks a significant departure from his previous skepticism about Bitcoin and other cryptocurrencies. He recently criticized President Biden’s administration for its approach to crypto and pledged to create a more supportive regulatory environment. At the Libertarian Party’s National Convention, Trump promised to protect the right to self-custody crypto assets and oppose the creation of a central bank digital currency (CBDC).
The politician’s pro-cryptocurrency stance has garnered support from many prominent figures in the crypto community. Justin Sun, founder of TRON, and Charles Hoskinson, co-founder of Cardano, have acknowledged voting for crypto-friendly candidates, while Mark Cuban has voiced concerns about the current administration’s approach to crypto regulation. Institutional support is also growing, with Coinbase creating a political action committee to support pro-crypto candidates.
According to Polymarket, a popular crypto-based prediction platform, Donald Trump has a 56% chance of winning the election, compared to Biden’s 37%. With support from key players and a promise to create a more favorable regulatory environment, his potential return to office could significantly impact the entire industry.
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