Key points
- Trump suggests Bitcoin could be used to manage the US's $35 trillion national debt.
- Harris campaign highlights Trump's comments on cryptocurrencies without a clear policy stance.
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Former President Donald Trump praised the cryptocurrency industry and suggested that Bitcoin could help solve the U.S. national debt in a recent interview. Kamala Harris’ campaign shared Trump’s comments without offering its own policy stance on cryptocurrencies.
In a Interview with Fox BusinessTrump praised the “very, very smart people” in the cryptocurrency industry and proposed that embracing Bitcoin could help address the $35 trillion U.S. national debt. He suggested that the government could hypothetically “give them some Bitcoin and wipe out our $35 trillion.”
The former president stressed the importance of the United States maintaining a competitive position with China in the crypto space. “If we don’t do it, China will do it. China will do it anyway,” Trump claimed, adding that other countries would follow suit if the United States does not take the lead. These comments follow those of Trump. Bitcoin 2024 Speech in Nashville, where confirmed plans for a “strategic national reserve” in the form of Bitcoin reserves.
Trump also criticized the Biden administration’s approach to cryptocurrency regulation, claiming that the president “doesn’t have the intellect to shut it down” and “has no idea what the hell it is.” He argued that if the U.S. doesn’t embrace cryptocurrencies, “other people will embrace them.”
While Vice President Kamala Harris has yet to articulate a clear policy stance on cryptocurrencies, her campaign's quick response on X shared Trump's comments no further comments.
The crypto industry's response to the candidates remains mixed. Trump has garnered significant support from prominent crypto advocates, while some in the sector are considering backing Harris, though they await her position on crypto-related issues.
Trump's comments on cryptocurrencies as a potential solution to US debt highlight the growing importance of digital asset policy in the presidential race, where it has increasingly become a Wedge problemThe Harris campaign's response indicates the relevance of the issue to voters.
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