Trump views Bitcoin and crypto as a potential tool for US debt relief.
Trump in an interview with Fox Business (Mornings with Maria)
Key Takeaways
- Trump suggests Bitcoin could be used to manage the US's $35 trillion national debt.
- Harris' campaign highlights Trump's crypto comments without a clear policy stance.
Former President Donald Trump praised the crypto industry and suggested Bitcoin could help address the US national debt in a recent interview. The Kamala Harris campaign shared Trump’s remarks without offering its own policy stance on crypto.
In an interview with Fox Business, Trump lauded the “very, very smart people” in the crypto industry and proposed that embracing Bitcoin could potentially aid in tackling the $35 trillion US national debt. He suggested the government could hypothetically “hand them a little bitcoin and wipe out our $35 trillion.”
The former president emphasized the importance of the US maintaining a competitive position with China in the crypto space. “If we don’t do it, China’s going to do it. China’s going to do it anyway,” Trump stated, adding that other countries would follow suit if the US doesn’t take the lead. These comments follow Trump’s speech at Bitcoin 2024 in Nashville, where he confirmed plans for a “strategic national reserve” in the form of a Bitcoin stockpile.
Trump also criticized the Biden administration’s approach to crypto regulation, claiming 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 US doesn’t embrace crypto, “it’s going to be embraced by other people.”
While Vice President Kamala Harris has not yet articulated a clear policy stance on crypto, her campaign’s rapid response account on X shared Trump’s comments without additional commentary.
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 crypto 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 issue, with the Harris campaign’s response indicating the issue’s relevance to voters.