Former US President Donald Trump underlined the importance of the United States’ leadership in cryptocurrency, claiming that the government could pay off its $35 trillion national debt with bitcoin. He described cryptocurrency as “a different form of currency” that is already “prominent” and “massive,” claiming that “it’s going to end up benefiting the country.”
Former US President and Republican presidential nominee Donald Trump talked about bitcoin in an interview with Fox Business on Friday. He was asked how he intends to increase the importance of cryptocurrency in the United States, following his recent promises at a bitcoin conference.
Understanding Cryptocurrency
“You need to comprehend cryptocurrency. “Crypto is a very interesting thing, very high level in some ways, intellectually very high level,” Trump said. He restated his belief that if the United States does not adopt cryptocurrency, China and other nations will. “So we might as well be at the forefront,” he told me.
Smart People in Crypto
“There are people in crypto that are very, very smart people who do love our country, and they think it’s good,” Trump said. He also noted:
Who knows, maybe we’ll pay off our $35 trillion. Hand them a little crypto check … hand them a little bitcoin and wipe out our $35 trillion.
Increasing Crypto Prominence
The former president was challenged with the question, “How do you want it to become more prominent in America? “How will that work?” Trump said, “Oh, it’s going to be easy. It is already prominent.” He went on to say, “It’s moving along. It is fairly lightly regulated. That’s one of the reasons it’s moving forward.”
US Must Lead in Crypto
He underlined the need of the United States adopting cryptocurrency to avoid falling behind other countries. “We have the people that are the leaders” in the crypto sector, Trump said, adding that he knows some of them. “They’re very smart.” He emphasized that if we do not embrace it, other countries will. Other countries will anyway, but we can, and should, be the leaders.”
Crypto’s Growing Market Capitalization
Trump stated that cryptocurrency’s market capitalization is already greater than that of many organizations and governments. “It’s a massive thing already,” he added, stating:
It is a different form of a currency, and it’s going to end up benefiting the country.
Criticism of Biden Administration
The former president also questioned the Biden administration’s efforts to shut down cryptocurrency, challenging Biden’s understanding and capacity to do so, and implying that Biden does not understand what cryptocurrency truly is.
