Former President Donald Trump is reportedly considering utilizing cryptocurrency as a solution to the $35 trillion national debt crisis in the United States. While Trump’s interest in crypto has sparked skepticism among many, he has sought advice from David Bailey, the CEO of Bitcoin Magazine, on the possibility of using Bitcoin to address the debt challenges in the country.
Bailey, who has been working with the Trump campaign for the past month to develop their Bitcoin and crypto policy agenda, revealed that Trump asked him about using Bitcoin to solve the debt issues during their initial meeting. Although Bailey had potential solutions in mind, he was not ready to disclose them at that time.
“We intend to raise a $100 million war chest for the campaign to ensure the next President of the United States is pro-Bitcoin. If you can help, please reach out,” stated Bailey, highlighting the efforts to garner support for Trump’s pro-crypto stance.
Notably, Trump’s current view on crypto marks a significant shift from his previous skepticism towards Bitcoin and cryptocurrencies in general. He had previously expressed a desire for heavy regulation and referred to Bitcoin as a “scam,” warning of its impending demise. However, he has since changed his tune and pledged to create a favorable environment for cryptocurrencies, criticizing the Biden administration for its lack of understanding in the crypto space.
Despite gaining support from figures like Charles Hoskinson, co-founder of Cardano, and Justin Sun, founder of TRON, Trump’s embrace of crypto has also raised doubts within the crypto community. Some individuals believe that Trump’s interest in cryptocurrency is solely driven by his political ambitions. To address these concerns, Bailey emphasized that the relationship between Trump and Bitcoin is mutually beneficial.
It’s worth noting that while Trump has warmed up to the idea of cryptocurrencies, he remains opposed to the development of a Central Bank Digital Currency (CBDC). Additionally, it has been revealed that Trump’s crypto holdings exceed $10 million, with the majority consisting of TRUMP memecoin.
As the US Presidential elections draw nearer, investors are eagerly observing how Trump’s pro-crypto stance will impact the price of Bitcoin, which is currently trading at $67,648, experiencing a slight decrease of 0.61% in the past 24 hours.