Trump Urges US to Boost Crypto Industry to Prevent China from Taking the Lead
Republican presidential frontrunner Donald Trump stated that the US government should focus on bolstering the cryptocurrency industry instead of selling off its crypto assets.
Trump made these remarks during a livestream hosted by 23-year-old streamer Adin Ross, where he reiterated his support for crypto as part of his campaign to attract the crypto community.
Responding to Ross’s mention of the US government’s recent cryptocurrency transactions, including the transfer of 29,800 Bitcoin (approximately $2 billion) to an undisclosed address, Trump emphasized the need for the US to lead in the crypto sector to prevent China and other countries from dominating the space.
“It’s something they shouldn’t be doing because they should be trying to build it,” Trump stated, describing crypto as a “modern” currency. “If we don’t do it, China’s doing it. Other places are doing it, and they’re doing it anyway.”
Trump compared cryptocurrency technology to artificial intelligence, stressing that it is an area that cannot be ignored.
Trump talking crypto on @adinross livestream:
— Luke Martin (@VentureCoinist) August 5, 2024
"The gov shouldn't be selling. It's a very modern currency. And we can't be left behind."
Refreshing to see politicians acknowledge that America loses if it remains hostile to our industry.
Innovation & growth would still happen… pic.twitter.com/SAlwtiufkQ
“It’s like AI. Do you love it? 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,” he said.
Currently, the US government holds 179,155 Bitcoin, valued at about $10 billion, according to Lookonchain.
In a separate interview on Fox News, Trump suggested using Bitcoin or a “crypto check” to address the US’ $35 trillion national debt.
“Who knows, maybe we’ll pay off our $35 trillion dollar [national debt], hand them a little crypto check, right? We’ll hand them a little Bitcoin and wipe away our $35 trillion,” he proposed.
At the Bitcoin 2024 conference, where Trump raised $25 million, he discussed the potential of incorporating crypto into government reserves.
He also promised to dismiss SEC Chair Gary Gensler, who is considered an adversary of the crypto industry, on his first day back in office.
Meanwhile, Democratic presidential nominee Kamala Harris is attempting to repair her relationship with the crypto community.
However, Bernstein analysts believe her efforts are unlikely to significantly impact voter sentiment in the upcoming election.
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