Republican presidential frontrunner Donald Trump has emphasized that the US should not sell its cryptocurrency holdings but instead focus on fostering the industry to stay ahead of China.
In a recent livestream with 23-year-old streamer Adin Ross, Trump reaffirmed his support for the crypto sector, in line with his campaign’s efforts to engage the crypto community.
Ross brought up the US government’s recent cryptocurrency transactions, mentioning the transfer of 29,800 Bitcoin, worth approximately $2 billion, to an undisclosed address. He asked Trump about his plans for the crypto sector if he were to win the November election.
“They should be trying to build it,” Trump responded, referring to the government’s approach to crypto. He described crypto as a “modern” currency and stressed the importance of the US being proactive in the industry. “If we don’t do it, China’s doing it. Other places are doing it, and they’re doing it anyway.”
Trump also drew parallels between cryptocurrency and artificial intelligence (AI), suggesting that both are critical technologies that the US cannot afford to ignore. “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 stated.
According to Lookonchain, the US government currently holds 179,155 Bitcoin, valued at about $10 billion.
Trump Proposes Using Bitcoin to Address National Debt
In an interview on Fox News, Trump floated the idea of using Bitcoin or a “crypto check” to address 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 suggested.
At the Bitcoin 2024 conference, where he raised $25 million, Trump discussed integrating crypto into government reserves. He also vowed to remove SEC Chair Gary Gensler, who is perceived as an adversary to the crypto industry, on his first day back in office.
Kamala Harris’ Campaign and the Crypto Community
Meanwhile, Democratic presidential nominee Kamala Harris is making efforts to repair her strained relationship with the crypto industry. However, Bernstein analysts believe her attempts to engage the industry might not significantly influence voters in the upcoming US presidential election.
