Former President Donald Trump is reportedly exploring the use of cryptocurrency to address the $35 trillion debt crisis in the United States. While some are skeptical of his intentions, Trump has sought advice from David Bailey, the CEO of Bitcoin Magazine, on the potential of using Bitcoin to tackle the nation’s debt challenges. Bailey, who has been working with the Trump campaign to develop their Bitcoin and crypto policy agenda, revealed that he had solutions in mind but was not ready to disclose them yet. The campaign aims to raise a $100 million war chest to support pro-Bitcoin politicians in the upcoming presidential election. Trump’s pro-crypto stance has gained support from notable figures in the crypto community, including Charles Hoskinson and Justin Sun. However, others remain doubtful, suggesting that Trump’s interest in crypto is solely motivated by his political ambitions. Despite his previous skepticism, Trump has shown a change of heart towards crypto, promising to create a friendly ecosystem and criticizing the Biden administration’s lack of understanding in the field. He has also expressed opposition to the development of a Central Bank Digital Currency (CBDC). Trump’s crypto holdings currently exceed $10 million, with the majority consisting of TRUMP memecoin. As the US Presidential elections approach, investors are keen to see how Trump’s pro-crypto stance will impact Bitcoin’s price, which is currently trading at $67,648.
