Republican presidential candidate Donald Trump recently made new statements about cryptocurrencies following a period of significant market volatility.
In a conversation with streamer Adin Ross, when asked whether the US government is selling Bitcoin, Trump responded:
“They shouldn’t be doing that, they should be focusing on developing crypto. If we don’t embrace crypto, China and other countries will, and they are already doing so.”
Additionally, Trump referred to crypto as a “very modern form of currency” and compared it to artificial intelligence (AI):
“It’s like AI — ‘do you love it or not?’ — if we don’t develop it, China or other countries will, and we can’t afford to fall behind. Cryptocurrency belongs in this field.”
Since launching his 2024 presidential campaign, Trump has changed his stance on Bitcoin and cryptocurrencies to attract voters in this sector.
Previously, in an interview with FOX Business on August 2, Trump shared the idea of using Bitcoin to eliminate the US national debt. However, even if the US were to purchase all the Bitcoin available on the market, it would still not be enough to pay off the $35 trillion national debt, at least not at the current BTC price.
Moreover, at the Bitcoin 2024 Conference held in Nashville, Trump emphasized America’s weakening under President Biden, especially in promoting the cryptocurrency and Bitcoin sector. He pledged that if re-elected, he would support the cryptocurrency industry by reducing energy costs to attract miners and making the US a global Bitcoin hub.
Trump also mentioned the potential for Bitcoin to surpass gold in the future. He highlighted that the early part of his term (2017 – 2021) was when Bitcoin thrived the most, and he vowed to support the Bitcoin community in replicating that success over the next four years.
Additionally, Trump announced plans to establish a national Bitcoin reserve from the Bitcoin currently held by the US Department of Justice. He also promised to set up a Bitcoin and cryptocurrency advisory board, prohibit the issuance of a national digital currency (CBDC), and support stablecoin businesses.
