Donald Trump Advocates for US to Develop Crypto to Stay Ahead of China

Bitcoin Donald Trump US Government

Crypto Reporter

Shalini Nagarajan

Crypto Reporter

Shalini Nagarajan

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Shalini is a crypto reporter who provides in-depth reports on daily developments and regulatory shifts in the cryptocurrency sector.

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Last updated: 

August 6, 2024

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Republican presidential frontrunner Donald Trump said that the US government should not sell crypto, but instead focus on building the industry to prevent China from taking the lead.

During a recent livestream hosted by 23-year-old streamer Adin Ross, Trump reiterated his support for the crypto industry, aligning with his campaign efforts to attract the crypto community.

Ross mentioned the US government’s recent cryptocurrency transactions, and inquired about Trump’s future plans for the crypto sector should he win the November election. The government recently moved 29,800 Bitcoin, valued at roughly $2b, to an undisclosed address.

JUST IN: 🇺🇸 Donald Trump on the government selling #Bitcoin: “It's something they shouldn't be doing because they should be trying to build it.”

“It's a very modern currency” pic.twitter.com/pbRqxr2CjS

— Bitcoin Magazine (@BitcoinMagazine) August 5, 2024

“It’s something they shouldn’t be doing because they should be trying to build it,” said Trump, who also described crypto as a “modern” currency. “So if we don’t do it, China’s doing it. Other places are doing it, and they’re doing it anyway.”

He also compared crypto technology to artificial intelligence (AI), indicating that it cannot be overlooked.

“It’s like AI. Do you love it? 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,” he said.

According to Lookonchain, the US government currently holds 179,155 Bitcoin, worth about $10b.

Donald Trump Suggests Using Bitcoin to Erase $35 Trillion US National Debt

In another interview on Fox News, Trump proposed using Bitcoin or a “crypto check” to tackle the US’ $35 trillion national debt.

“Who knows, maybe we’ll pay off our $35 trillion dollar [national debt], hand them a little crypto check, right? We’ll hand them a little Bitcoin and wipe away our $35 trillion,” he stated.

At the Bitcoin 2024 conference, where he raised $25m, Trump discussed incorporating crypto into government reserves. He also vowed to dismiss SEC Chair Gary Gensler, viewed as a foe to the crypto industry, on his first day back in office.

Harris’ Efforts to Win Over Crypto Community May Fall Short

Democratic presidential nominee Kamala Harris’ campaign is actively working to mend her strained relationship with the crypto industry. Nonetheless, Bernstein analysts believe her efforts to engage the industry may not significantly sway voters in the upcoming US presidential election.