Donald Trump says the US government shouldn't sell its cryptocurrency

theblock.co 05/08/2024 - 20:50 PM

Trump’s Stance on Cryptocurrency During Market Decline

Republican presidential nominee Donald Trump discussed cryptocurrency during a challenging day for the market in a livestream interview with Adin Ross on Kick.

Ross, a former Twitch streamer, inquired about the U.S. government’s recent actions in the crypto space, specifically its crypto sales. Trump expressed strong support for cryptocurrency, stating, “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.”

This discussion followed the transfer of $2 billion worth of Bitcoin from a U.S. government wallet, related to previously confiscated funds from Silk Road. The U.S. government still holds approximately $11.1 billion in cryptocurrency.

Trump described crypto as a “very modern currency,” equating it to artificial intelligence, and emphasized the need for the U.S. to keep pace with other nations. He had previously advocated for the U.S. to become a “Bitcoin mining superpower.” Earlier this year, he reversed his position on cryptocurrency and delivered a speech at Bitcoin 2024, which significantly boosted his re-election campaign funds by $21 million.

Analysts suggest that the crypto industry is becoming increasingly political, trading on developments related to the election. Additionally, Senator Cynthia Lummis proposed a bill aiming for the U.S. to acquire up to 200,000 Bitcoin annually over five years.

At the time of this writing, Bitcoin’s price had fallen 9%, trading around $53,797, with a trading volume of $118.5 billion during this period.




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