Republican presidential nominee Donald Trump reiterated his support for Bitcoin and crypto during an interview with popular live streamer Adin Ross on Aug. 5.
The former President reaffirmed statements made during his recent keynote at the Bitcoin2024 conference, emphasizing the need for the US to foster innovation in the digital asset sector.
He further emphasized that the federal government should retain its crypto holdings and not sell them based on market speculation.
Leadership role
The discussion follows a significant transaction last week, in which a wallet linked to the US government transferred $2 billion worth of Bitcoin to an unidentified wallet, according to data from Arkham Intelligence. Some speculate that the government may be looking to offload the tokens, adding to market fear amid economic and geopolitical tensions. However, others suggest that the transfers are related to the US Marshalls Service selecting Coinbase as the asset custodian.
Trump highlighted the significance of digital assets, likening crypto to a “very modern currency” with transformative potential similar to artificial intelligence (AI). He stated:
“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 argued that the US must play a leading role in the crypto space to prevent losing ground to competitors like China. He criticized the current administration for its negative stance on crypto and large-scale asset transfers.
“It’s something they shouldn’t be doing because they should be trying to build it. If we don’t do it, China’s doing it, and other places are doing it, and they’re doing it anyway.”
Nations and Bitcoin
Trump’s remarks come amid a broader discourse on the role of crypto in the US economy. He proposed using a portion of the government’s Bitcoin holdings to tackle the national debt, which is currently at $35 trillion.
Trump hinted at the possibility of Bitcoin appreciating against the US dollar, gradually siphoning value from the fiat system and transitioning the nation’s wealth to a more stable store of value.
Meanwhile, Senator Cynthia Lummis introduced legislation that mandates the US to acquire up to 200,000 Bitcoin annually for the next five years, showcasing the growing political significance of crypto.
Bitcoin’s current price is around $54,144, down 6.84% over the past 24 hours based on CryptoSlate data.
Bitcoin Market Data
At the time of reporting 1:04 am UTC on Aug. 6, 2024, Bitcoin holds the #1 market cap position with the price down 7.12% in the past 24 hours. Bitcoin’s market capitalization is $1.07 trillion, with a 24-hour trading volume of $108.97 billion. Explore Bitcoin further ›
Crypto Market Summary
At the time of reporting 1:04 am UTC on Aug. 6, 2024, the total crypto market cap is $1.91 trillion with a 24-hour trading volume of $246.97 billion. Bitcoin dominance currently stands at 55.86%. Discover more about the crypto market ›
