Trump Floats Bitcoin Payments As Solution To $35 Trillion US Debt Crisis
August 03 2024 - 5:30AM
NEWSBTC
In a recent interview with Fox News, former President Donald Trump
voiced support for using Bitcoin as a tool to help pay down the
United States’ $35 trillion national debt as he positions himself
for a potential 2024 presidential re-election, while also signaling
a notable shift in the Republican party’s stance on digital assets.
Trump’s Strategy To Tackle $35 Trillion Debt With Bitcoin “Crypto
is a very interesting thing, very high level in certain ways,
intellectually very high level,” Trump said. The former president
acknowledged the rapid growth and adoption of cryptocurrencies
globally, warning that if the US does not embrace the technology,
countries like China will move ahead and seize the initiative.
Related Reading: Research Firm Predicts Bullish Bitcoin Breakout
For Q4: 4 Key Reasons Trump’s recent comments echo proposals from
Republican figures such as Wyoming Senator Cynthia Lummis and
former House Speaker Paul Ryan, who have floated the idea of the US
government investing in Bitcoin holdings to help pay down the
national debt. While Trump didn’t offer any new specifics, he
did hint at the possibility of the government simply “handing out a
little crypto check” or “handing them a little Bitcoin” as a way to
pay down the $35 trillion debt. Genesis Triggers $1.6 Billion In
BTC And ETH Transfers Bitcoin, the largest cryptocurrency by market
capitalization, briefly dipped below the $63,000 level, reaching a
weekly low of $62,440 as news of the Genesis distributions hit the
market. According to the announcement made by Genesis on
August 2, the firm has commenced making distributions to creditors
pursuant to its Chapter 11 bankruptcy plan. As part of the
initial distribution, BTC creditors will receive 51.28% of their
holdings in-kind, while ETH creditors will receive 65.87% of their
ETH holdings. On the other hand, creditors of other altcoins,
excluding Solana (SOL), will receive an average of 87.65% of their
holdings, while Solana creditors will receive 29.58% of their
holdings. Related Reading: Cardano Goes Toe-To-Toe With Ethereum As
Whales Scoop Up 120 Million ADA The distributions have already
begun, with wallets linked to Genesis Trading moving 16.6K BTC
($1.1 billion) and 166.3K ETH ($521.1 million) in the past hour,
according to market intelligence platform Arkham. Interestingly,
billionaire investor and crypto supporter Mark Cuban has reportedly
received $19.9 million in ETH from the Genesis Bankruptcy, further
highlighting the implications of the firm’s downfall. The firm also
disclosed that creditors have established a $70 million litigation
fund to pursue claims against various third parties, including
Digital Currency Group (DCG), Genesis’ parent company. At the
time of writing, the largest cryptocurrency on the market has
managed to regain the $63,100 level after falling towards the
$62,000 zone on Friday. BTC is currently down 0.8% in the 24-hour
time frame. Featured image from DALL-E, chart from TradingView.com
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