Donald Trump Emphasizes the Significance of Bitcoin and the Crypto Market, Warns the Current Administration about the Detrimental Effects of Selling the US' Bitcoin Holdings

Former president and 2024 presidential candidate Donald Trump stated the importance of Bitcoin and the crypto market in a stream with well-known streamer

Former US President Donald Trump, who is also a candidate for the 2024 presidential election, discussed Bitcoin and the crypto market during a stream with popular streamer Adin Ross. He highlighted the importance of digital assets and warned the current administration against selling the US’ Bitcoin holdings.

According to Trump, the Biden administration should include Bitcoin in the country’s reserve instead of selling it off. He emphasized the need for the US to focus on innovation in the digital assets sphere, or it will fall behind geopolitical rivals like China.

China has already made significant advances in the crypto and AI sectors, leaving the US at a disadvantage if it doesn’t prioritize these emerging technologies. He pointed out how not concentrating on Bitcoin at this level will prevent the US from advancing in the digital assets sphere, allowing countries like China to take the lead in the space.

“It’s like AI — ‘do you love it or do you 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, and crypto is right in that sphere.”

Trump went on to praise Bitcoin, its community, and the potential he sees in the crypto asset. He mentioned knowing several intelligent and capable people who are deeply involved in the crypto world and believe in its future.

“It’s a very modern currency, it’s a very modern form, and I know a lot of very good people that are really into that world, and into that market, they’re smart, they’re good people, and they think it’s going to be very beneficial.”

notably, Trump wants to make Bitcoin a strategic reserve asset and use it to pay the $35 trillion national debt. He plans on stockpiling Bitcoin and using its value appreciation to cover what the US owes its creditors. Bitcoin’s wealth generation capabilities are a refresher compared to the US dollar’s inflation-induced value depreciation.

Thus, the presidential candidate wants to transition out of the country’s fiat system and into Bitcoin-based national wealth as the asset functions as a better store of value. This move would position the US against economic disasters driven by a falling currency. Bitcoin’s deflationary properties backed by hard-coded, sound mathematics can make it the perfect hedge against financial catastrophe.

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