Trump cautions current administration not to sell Bitcoin

Vince Quill1 hour agoTrump cautions current administration not to sell BitcoinThe former president continues to stress that if the United States does not innovate in the digital asset sector, other countries will.1640 Total views2 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTCOINTELEGRAPH IN YOUR SOCIAL FEEDFollow ourSubscribe onIn a recent interview with streamer and influencer Adin Ross, former president Donald Trump cautioned the current administration against selling the United States" Bitcoin (BTC) holdings.

The 2024 presidential candidate reiterated his stance that if the United States does not innovate on the digital asset front, other countries will, noting that China, the United States" most significant geopolitical rival, is already making advances in the cryptocurrency and artificial intelligence sectors. Trump then turned his attention to praising the virtues of the Bitcoin industry."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."

The 2024 GOP frontrunner steered the conversation surrounding Bitcoin mining and artificial intelligence toward the energy generation that underpins both activities.Bitcoin mining under a Trump administration

Fred Thiel, chairman and CEO of Bitcoin mining company MARA, took the stage at Bitcoin 2024 in Nashville, Tennessee, to share his belief that the Bitcoin mining industry would thrive under Trump.

Thiel"s fellow panelists were also inclined to agree, with Jason Les of Riot Platforms saying he did not expect the policies of a potential Harris administration to deviate from that of the Biden administration.

Related: Trump made many promises to Bitcoiners — Can he keep them?

Trump"s comments that the United States needs to invest heavily in energy infrastructure to support the industries of the future have been echoed by analysts and industry spokespeople alike, who see investments into Bitcoin mining infrastructure and AI data centers as ways to reinforce the energy grid.Bitcoin as a way to pay off the $35 trillion national debt

Trump recently floated the idea of using a small amount of Bitcoin to pay off the US government"s massive $35 trillion national debt.

The former pesident alluded to the power of the supply-capped asset to completely wipe away US government debt by simply appreciating against the inflating US dollar over time and slowly siphoning the value out of the crumbling fiat system.

This would allow the United States to avert a full-blown economic disaster, traditionally seen during currency collapses, by slowly and gradually transitioning most of the country"s wealth into a new store of value and a sound monetary system constrained by hard mathematics.

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