Donald Trump, former president and 2024 presidential candidate, has reiterated the importance of Bitcoin and the broader cryptocurrency market. In a recent stream with popular streamer Adin Ross, Trump emphasised the potential negative consequences of the current administration selling the US’s Bitcoin holdings. He argued that Bitcoin should instead be considered a strategic reserve asset.
Warning Against Selling Bitcoin Holdings
Trump cautioned that not focusing on Bitcoin at this stage could hinder the US’s innovation in digital assets, allowing geopolitical competitors like China to advance further. He highlighted China’s significant progress in the cryptocurrency and artificial intelligence (AI) sectors as a benchmark the US needs to match or exceed.
Trump's Perspective on Bitcoin and Innovation
“It’s like AI — ‘do you love it or do you 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, and crypto is right in that sphere,” Trump stated. He praised Bitcoin as a "very modern currency" and noted that many intelligent and capable people are deeply involved in the cryptocurrency market.
Strategic Reserve Asset Plan
Trump's vision includes making Bitcoin a strategic reserve asset to pay off the US's $35 trillion national debt. He believes that by stockpiling Bitcoin and leveraging its value appreciation, the US could effectively cover its financial obligations. This approach contrasts sharply with the US dollar, which suffers from inflation-induced depreciation.
Transition to Bitcoin-Based National Wealth
The presidential candidate advocates transitioning from the fiat currency system to a Bitcoin-based national wealth strategy. He argues that Bitcoin’s deflationary properties and sound mathematical foundation make it a superior store of value. Such a move, Trump contends, would protect the US from economic disasters driven by a declining currency and provide a robust hedge against financial catastrophe.
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