Trump and the Idea of Paying Off the US Debt Using Bitcoin
Date: 2024-05-29 Author: Henry Casey Categories: IN WORLD
Trump's Interest in Cryptocurrencies
Former US President and candidate in the upcoming election, Donald Trump, has expressed interest in using Bitcoin to solve the country's national debt problem. This was announced by Bitcoin Magazine CEO, David Bailey, during the Orange Party online event on social network X (formerly known as Twitter). The question Trump asked was about the possibility of paying off the US $34.7 trillion national debt with the first cryptocurrency.
Discussion with the CEO of Bitcoin Magazine
According to Bailey, during their first meeting, Trump asked him if Bitcoin could help solve the national debt problem. Bailey replied that he had several ideas on this matter, but he was not ready to immediately give a definite answer. Details of further discussion of this idea were not disclosed.
Bailey's Involvement in the Campaign
In May 2024, David Bailey publicly disclosed his connection to Donald Trump's election campaign. Together with the Bitcoin Magazine team, he proposed a program friendly to the first cryptocurrency to the presidential candidate. The document included the signing of an executive order aimed at supporting the digital asset industry. Bailey actively supports Trump on social networks and believes that the Republican’s victory will change the attitude of the US authorities towards the crypto industry.
Crypto Industry Support and Important Promises
Donald Trump also announced his intention to pardon the founder of the darknet site Silk Road, Ross Ulbricht, if he wins the election. Ulbricht, who was sentenced to two life sentences plus 40 years for drug trafficking and money laundering, has become a symbol for many cryptocurrency supporters.
On May 25, 2024, Trump spoke in support of the crypto industry on the social network Truth Social. He emphasized that the United States must take a leading position in this area by giving the green light to market representatives. At the same time, Trump criticized current President Joseph Biden for trying to destroy the digital assets sector in the country.
Trump's Financial Achievements in Cryptocurrency
It is worth noting that the value of Donald Trump's crypto assets has exceeded $10 million. This shows that Trump is not only interested in cryptocurrencies from a political point of view, but is also actively investing in this market.
Donald Trump's interest in Bitcoin and its possible use to pay off the US national debt is an important signal for the cryptocurrency community. His support for the crypto industry and his intention to change the government's attitude towards digital assets could significantly influence the future of this market in the United States. However, it remains unclear how realistic the plans to use Bitcoin to pay off the national debt are and how they will be implemented in practice.
