Trump's Stand on Crypto

Republican presidential frontrunner Donald Trump has clarified that the US government should not sell cryptocurrency.

Instead, he believes the focus should be on building the industry to prevent China from taking the lead. 23-year-old streamer Adin Ross reiterated this stance during a recent livestream.

Ross discussed the US government's recent cryptocurrency transactions and inquired about Trump's plans for the crypto sector should he win the November election. The government recently moved 29,800 Bitcoin, valued at roughly $2 billion, to an undisclosed address.

"It's something they shouldn't be doing because they should be trying to build it," said Trump, who described crypto as a "modern" currency. The former president added, "If we don't do it, China's doing it. Other places are doing it, and they're doing it anyway."

Crypto vs. AI

Trump also compared cryptocurrency technology to artificial intelligence (AI), indicating that it cannot be overlooked. "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.

According to Lookonchain, the US government currently holds 179,155 Bitcoin, worth about $10 billion.

Tackling National Debt with Bitcoin

In another interview on Fox News, Trump proposed an unconventional idea: using Bitcoin or a "crypto check" to pay off the US $35 trillion national debt.

"Who knows, maybe we'll pay off our $35 trillion [national debt] and hand them a little crypto check, right? We'll hand them a little Bitcoin and wipe away our $35 trillion," he stated.

At the Bitcoin 2024 conference, where he raised $25 million, Trump discussed incorporating crypto into government reserves. He also vowed to dismiss SEC Chair Gary Gensler, viewed as a foe to the crypto industry, on his first day back in office.

Harris' Struggles with the Crypto Community

Meanwhile, Democratic presidential nominee Kamala Harris seeks to mend her strained relationship with the crypto industry.

Nonetheless, Bernstein analysts believe her efforts to engage the industry may not significantly sway voters in the upcoming US presidential election.

"It's something they shouldn't be doing because they should be trying to build it," said Trump.

Trump's outspoken support for the crypto industry is a significant part of his campaign strategy to attract the crypto community. His bold ideas and promises aim to position the US as a leading force in the global cryptocurrency landscape.