Trump Warns Biden Over Selling Bitcoin
07 Aug, 2024 ● Crypto people
In a recent interview with streamer and influencer Adin Ross, former President Donald Trump advised the current administration against selling the United States’ Bitcoin holdings.
Trump reiterated his belief that if the US does not innovate in digital assets, other countries will, pointing out that China is already advancing in cryptocurrency and artificial intelligence.
He praised the Bitcoin industry, stating:
“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.”
As the 2024 Republican Party presidential nominee, Trump also discussed Bitcoin mining and AI, emphasizing the importance of energy generation for both activities.
Fred Thiel, chairman and CEO of Bitcoin mining company Marathon Digital Holdings, spoke at Bitcoin 2024 in Nashville, Tennessee, expressing his belief that the Bitcoin mining industry would flourish under Trump.
Jason Les of Riot Platforms agreed, noting that he did not expect a potential Kamala Harris administration to differ significantly from President Joe Biden's policies.
Analysts and industry spokespeople have echoed Trump’s comments on the need for heavy investment in energy infrastructure to support future industries.
They view investments in Bitcoin mining infrastructure and AI data centers as ways to strengthen the energy grid.
Trump recently suggested using a small amount of Bitcoin to help pay off the US government’s massive $35 trillion national debt.
He mentioned the potential for the supply-capped asset to appreciate against the inflating US dollar over time, gradually siphoning value from the fiat system.
This approach, he argued, would allow the United States to avoid a full-blown economic disaster typically seen during currency collapses by slowly transitioning the country’s wealth into a new store of value and a sound monetary system constrained by hard mathematics.
Sources:
https://cointelegraph.com/news/trump-cautions-current-administration-not-sell-bitcoin
