Key Takeaways
- Trump has partnered with Bitcoin expert David Bailey to explore Bitcoin for solving the US debt.
- Bailey's team proposed pro-Bitcoin policies and aims to raise $100 million for Trump's campaign.
- Trump’s shift towards Bitcoin marks a significant change from his previous skepticism.
Donald Trump is considering Bitcoin as a potential solution to address the soaring US national debt of $35 trillion.
In a recent discussion, Trump asked David Bailey, CEO of Bitcoin Magazine, about Bitcoin’s capability to alleviate this substantial financial burden.
Bailey shared details of their conversation during a recent X space session, noting that Trump inquired about Bitcoin’s potential role in managing the national debt.
While Bailey had ideas, he wasn’t prepared to discuss them fully at the time.
Over the past month, Bailey and his team have been working closely with Trump’s campaign to formulate pro-Bitcoin policies.
Bailey announced:
We proposed a comprehensive executive order for President Trump to sign on day one. I will be sharing those details soon.
Bailey’s statement has generated considerable interest, emphasizing the need for support from the Bitcoin community.
Call to raise $100 million
He called on Bitcoin enthusiasts to contribute, aiming to raise a $100 million war chest for the campaign.
Trump’s newfound support for Bitcoin marks a significant departure from his previous skepticism. He recently criticized President Biden’s administration for its stance on Bitcoin and promised to create a more favorable regulatory environment.
At the Libertarian Party’s National Convention, Trump vowed to protect the right to self-custody Bitcoin assets and to oppose the creation of a central bank digital currency (CBDC).
Prediction markets
According to Polymarket, a crypto-based prediction platform, Trump has a 56% chance of winning the election, compared to Biden’s 37%.
His potential return to office, supported by key Bitcoin advocates and a promise of favorable policies, could significantly impact the entire industry.
