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Donald Trump Explores Crypto Solution for $35 Trillion US Debt with Bitcoin Expert

2 mins
Updated by Daria Krasnova
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In Brief

  • Donald Trump asks Bitcoin Magazine's CEO about Bitcoin's potential to address the $35 trillion US national debt.
  • Advisor David Bailey and his team propose pro-crypto policies for Trump's campaign, including an executive order.
  • Trump explores Bitcoin for US debt solution, as crypto advisor Bailey proposes pro-crypto policies and seeks donations.
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Donald Trump is considering cryptocurrency as a potential solution to the soaring US national debt.

In a recent discussion, Trump queried David Bailey, CEO of Bitcoin Magazine, about Bitcoin’s ability to address the nation’s $35 trillion debt.

Bailey and His Team Advise Trump on Bitcoin Policies

Bailey revealed the details of this conversation during a recent X space session, noting that in their initial meeting, Trump inquired if Bitcoin could help alleviate the $35 trillion national debt. Although Bailey had ideas, he wasn’t prepared to discuss them in depth at the time. Over the past month, Bailey and his team have collaborated closely with Trump’s campaign to develop pro-Bitcoin policies.

“We proposed a comprehensive executive order for President Trump to sign on day one. I will be sharing those details soon,” Bailey announced.

Bailey’s statement has garnered substantial interest, highlighting the importance of support from the crypto community. He urged crypto enthusiasts to contribute, ensuring that the next US president supports Bitcoin.

“We intend to raise a $100 million war chest for the campaign,” Bailey shared.

Read more: How To Donate Crypto Using The Giving Block.

Trump’s pro-crypto shift marks a significant change from his previous skepticism about Bitcoin and cryptocurrencies. He recently criticized President Biden’s administration for misunderstanding crypto and pledged to create a more supportive regulatory environment. At the Libertarian Party’s National Convention, Trump promised to protect the right to self-custody crypto assets and oppose the creation of a central bank digital currency (CBDC).

The politician’s pro-cryptocurrency stance has garnered support from many prominent figures in the crypto community. Justin Sun, founder of TRON, and Charles Hoskinson, co-founder of Cardano, have aknowledged voting for crypto-friendly candidates, while Mark Cuban has voiced concerns about the current administration’s approach to crypto regulation. Institutional support is also growing, with Coinbase creating a political action committee to support pro-crypto candidates.

Chances of Winning US Presidential Election
Chances of Winning US Presidential Election. Source: Polymarket

According to Polymarket, a popular crypto-based prediction platform, Donald Trump has a 56% chance of winning the election, compared to Biden’s 37%. With support from key players and a promise to create a more favorable regulatory environment, his potential return to office could significantly impact the whole industry.

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Shota Oba
After interning at a domestic blockchain media company while enrolled at a university in international relations, he worked as an intern trainee at two foreign crypto asset exchanges. Currently, as a journalist, he focuses on the Japanese crypto asset market, both technical and fundamental analysis. He has been trading crypto assets since 2021 and is interested in economic and social affairs.
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