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- Former President Donald Trump is arguably exploring crypto solutions to solve the US debt crisis.
- While Trump is warming up to crypto, many are skeptical of his intention.
US Republican Presidential candidate Donald Trump is reportedly seeking crypto solutions to recover the nation’s $35 trillion debt. Specifically, Trump queried David Bailey, the CEO of Bitcoin Magazine about using Bitcoin to address debt challenges in the US.
Donald Trump Seeking Crypto Solutions
Bailey, a crypto aide of the Trump campaign, revealed in an X space that the former President asked him if Bitcoin could be used to solve US debt issues during their first meeting. However, Bailey said while he had solutions in mind, he was not prepared to disclose them then.
For the past month we have been working with the Trump campaign to develop their bitcoin and crypto policy agenda. We proposed a comprehensive executive order for President Trump to sign on day 1. I will be sharing those details soon. This week Trump took the first step, but…
— David Bailey🇵🇷 $0.65mm/btc is the floor (@DavidFBailey) May 11, 2024
In the past month, Bailey and his team have been working with the Trump campaign to develop their Bitcoin and crypto policy agenda.
“We intend to raise a $100m war chest for the campaign to ensure the next President of the United States is pro-Bitcoin. If you can help, please reach out,” noted Bailey.
Trump’s pro-crypto stance has garnered support from prominent figures within the crypto community. Charles Hoskinson, co-founder of Cardano, and Justin Sun, founder of TRON, said they would vote for politicians supporting crypto.
At the same time, Mark Cuban has expressed disapproval of how the present government handles crypto legislation. Support from institutions is also growing with Coinbase establishing a political action committee to back pro-crypto politicians.
Despite this support, others in the crypto community are skeptical about Trump’s embrace of crypto. These individuals claim Trump is only interested in crypto to advance his political aim of becoming President. To assuage them, Bailey wrote in a follow-up comment that the relationship between Trump and Bitcoin is one of mutual benefits.
The Unexpected Change of Heart Towards Crypto
It is worth mentioning that Trump’s pro-crypto stance shifts away from his initial skepticism towards Bitcoin and crypto in general. The former President once wanted crypto to be highly regulated. Reflecting on Crypto News Flash’s prior findings, Trump once called Bitcoin a “scam” and urged tougher regulation. He also warned of impending and shameful doom for crypto, reaffirming his preference for the dollar above anything else.
Recently, Trump’s view toward crypto has been warmer. He has pledged to create a friendly crypto ecosystem and even criticized Biden’s administration for misunderstanding crypto. Trump promised to protect the right to self-custody crypto assets while speaking at the Libertarian Party’s National Convention.
However, Trump adamantly opposed the development of a Central Bank Digital Currency (CBDC), as Crypto News Flash had earlier detailed.
In recapitulation of Crypto News Flash’s earlier news, Donald Trump’s crypto holdings have exceeded $10 million. TRUMP memecoin, which now constitutes $7.1 million makes the bulk of his portfolio. Trump’s crypto holdings include $1.83 million in Ethereum and other smaller altcoins.
As the US Presidential elections draw closer, investors are eager to see how Trump’s pro-crypto stance will influence Bitcoin’s price. At press time, BTC is trading at $67,648, down by 0.61% in the past 24 hours with trading volume and market cap standing at $29.3 billion and $1.3 trillion respectively.
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