Former President Donald Trump is reportedly considering the use of cryptocurrency as a solution to the United States’ $35 trillion debt crisis. However, there are doubts about his true intentions. Trump recently reached out to David Bailey, the CEO of Bitcoin Magazine, to discuss the possibility of using Bitcoin to address the country’s debt challenges.
Bailey, who is a crypto advisor to the Trump campaign, revealed in an interview that Trump asked him about the potential of Bitcoin in solving the debt issues during their initial meeting. While Bailey had some solutions in mind, he was not ready to disclose them at that time.
Over the past month, Bailey and his team have been working closely with the Trump campaign to develop a comprehensive Bitcoin and cryptocurrency policy agenda. They aim to raise a $100 million war chest to support politicians who are pro-Bitcoin and ensure that the next President of the United States is favorable towards cryptocurrency.
Trump’s pro-crypto stance has garnered support from influential figures within the crypto community. Charles Hoskinson, co-founder of Cardano, and Justin Sun, founder of TRON, have expressed their support for politicians who are in favor of cryptocurrency. Additionally, Coinbase has established a political action committee to back politicians who support crypto legislation.
However, there are skeptics within the crypto community who believe that Trump’s interest in cryptocurrency is solely driven by his political ambitions. To address these concerns, Bailey clarified that the relationship between Trump and Bitcoin is mutually beneficial.
It is worth noting that Trump’s current pro-crypto stance is a departure from his previous skepticism towards Bitcoin and cryptocurrency. He once referred to Bitcoin as a “scam” and advocated for stricter regulations. In contrast, he now promises to create a friendly environment for cryptocurrency and has criticized the Biden administration for its lack of understanding in this area. Trump has also pledged to protect the right to self-custody crypto assets.
However, Trump remains opposed to the development of a Central Bank Digital Currency (CBDC). In terms of his own crypto holdings, Trump’s portfolio is valued at over $10 million, with the majority consisting of TRUMP memecoin. He also holds $1.83 million in Ethereum and other smaller altcoins.
As the US Presidential elections approach, many investors are curious to see how Trump’s pro-crypto stance will impact the price of Bitcoin. At the time of writing, BTC is trading at $67,648, experiencing a 0.61% decrease in the past 24 hours, with a trading volume of $29.3 billion and a market cap of $1.3 trillion.