Trump touts Bitcoin’s potential to ‘wipe out’ US national debt, says its ‘a very big thing’

Former
President
Donald
Trump
has
suggested
that
Bitcoin
could
be
a
key
tool
in
addressing
the
United
States’
burgeoning
national
debt,
which
has
officially
hit
$35
trillion
as
of
July
31.

In
an
interview
on
Fox
News
on
Aug.
2,
Trump
proposed
an
unconventional
approach,
hinting
at
the
possibility
of
utilizing
the
flagship
crypto
to
mitigate
the
debt.

He
mused:

“Who
knows,
maybe
we’ll
pay
off
our
$35
trillion,
hand
them
a
little
crypto
check,
right?
We’ll
hand
them
a
little
Bitcoin
and
wipe
out
our
$35
trillion.”

Trump’s
comments
come
on
the
heels
of
his
keynote
speech
at
the
Bitcoin2024
conference
in
Nashville
last
weekend,
where
he
advocated
for
a
more
prominent
role
for
digital
assets
in
the
American
economy. His
appearance
at
the
conference
cemented
his
growing
interest
in
the
crypto
sector
and
his
belief
in
its
potential
to
benefit
the
US.

The
idea
of
using
Bitcoin
to
reduce
America’s
national
debt
is
also
a
central
part
of
the
new
Bitcoin
Act
bill
introduced
by
Senator
Cynthia
Lummis.

‘Bigger
than
countries’

During
the
Fox
interview,
Trump
emphasized
Bitcoin’s
growing
global
significance
as
its
market
cap
approaches
that
of
silver.
He
noted
that
the
flagship
crypto
has
become
“bigger
than
any
company
in
the
world”
in
a
little
over
a
decade.

Trump
further
highlighted
Bitcoin’s
vast
scale
and
economic
impact,
noting:

“I
mean,
if
you
look
at
the
market,
it’s
bigger
than
many
countries.
It’s
a
very
big
thing.”

He
further
emphasized
the
strategic
importance
of
embracing
cryptocurrencies
like
Bitcoin.
He
warned
that
if
the
US
fails
to
lead
in
this
area,
other
nations,
particularly
China,
will
dominate
the
market.

Adoption
is
inevitable

According
to
Trump,
countries
will
inevitably
adopt
Bitcoin,
and
the
US
needs
to
ensure
it
leads
in
that
regard.
He
added:

“If
we
don’t
embrace
it,
other
countries
are
going
to
embrace
it.
Other
countries
will
anyway.
But
we
can
be
the
leader,
and
we
might
as
well
be
the
leader.”

He
stressed
the
importance
of
the
US
taking
a
leadership
role
in
the
crypto
industry.
He
pointed
out
that
the
US
has
the
necessary
talent
and
resources
to
lead
in
this
space
and
warned
that
other
countries
would
seize
the
opportunity
if
America
does
not.

The
former
President
also
criticized
the
Biden
administration’s
approach
to
crypto
regulation,
suggesting
that
it
lacks
the
necessary
understanding
to
manage
the
sector
effectively.
He
argued
that
the
current
loose
regulatory
framework
has
been
a
factor
in
the
rapid
growth
and
success
of
crypto,
a
dynamic
he
believes
should
be
maintained.

Trump’s
comments
come
amid
ongoing
debates
over
the
future
of
crypto
regulation
and
the
role
of
digital
assets
in
the
global
economy.
As
the
discussion
continues,
his
statements
highlight
the
potential
for
a
significant
shift
in
the
US
approach
to
crypto,
with
implications
for
both
national
policy
and
the
international
financial
landscape.

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in
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