Former President Donald Trump cautioned the current administration against divesting the United States' Bitcoin holdings.
Former President Donald Trump cautioned the current administration against divesting the United States' Bitcoin holdings. In a recent discussion with streamer Adin Ross, the Republican candidate reiterated the importance of innovation in digital assets, warning that other nations, particularly China, are already advancing in the cryptocurrency and artificial intelligence sectors.
Trump expressed strong support for the Bitcoin (BTC) industry, describing it as a modern and innovative currency. "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," he remarked.
The conversation also touched on Bitcoin mining and artificial intelligence, with Trump underscoring the need for robust energy generation to support these industries. Trump's call for substantial investments in energy infrastructure to support future industries has been supported by analysts and industry spokespeople. They argue that enhancing infrastructure for Bitcoin mining and AI data centers could strengthen the energy grid, creating a more resilient and innovative economy.
In an intriguing proposal, Trump suggested using Bitcoin to address the U.S. government's staggering $35 trillion national debt. He hinted at the potential for the supply-capped asset to appreciate against the inflating U.S. dollar over time, gradually transferring value from the traditional fiat system to a new, mathematically constrained monetary system. This, he suggested, could help the U.S. avoid an economic disaster typically associated with currency collapses by slowly transitioning the nation's wealth into a more stable and sound store of value.
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