Donald Trump has turned to Bitcoin to solve America’s national debt once re-elected. David Bailey, CEO of Bitcoin Magazine and crypto adviser for Trump’s campaign, revealed this during a discussion on X. Trump had asked him if Bitcoin could help tackle the $35 trillion debt.
Also Read: Donald Trump Will Build a Crypto Army to Fight Joe Biden
Bailey said that when he first met Trump, the former president inquired about Bitcoin’s potential to address the debt. Although Bailey wasn’t ready to discuss details then, he has since been working with Trump to develop a pro-crypto policy. This move is a huge change for Trump, who had previously been vehemently against cryptocurrencies.
Bitcoin Magazine Wants to Save Crypto From Biden
Trump’s recent embrace of Bitcoin has benefited the crypto industry. Bailey announced a campaign to raise $100 million to support a pro-Bitcoin presidential candidate. He clarified that Bitcoin Magazine’s support is not necessarily for Trump but against Biden’s anti-crypto stance.
We will mobilize to defend ourselves. We’re not voting for Trump per se, we’re voting against Biden. The only person to blame for that is Biden.
David Bailey
He emphasized that it’s time for Bitcoin to influence the election of the next U.S. President. Regardless of the candidate, Bailey and his team are keen to promote Bitcoin-friendly policies. According to Bailey, his efforts are driven by a belief in Bitcoin’s potential to influence the future of U.S. politics.
Also Read: Donald Trump Expresses Strong Support for Crypto Companies
Trump’s Crypto Holdings Surge
Trump’s crypto assets have surged recently, briefly surpassing $10 million on Monday. This spike was driven by his largest holding, the TRUMP memecoin. Blockchain intelligence firm Arkham reported that Trump’s portfolio reached this milestone on May 27. The TRUMP memecoin hit an all-time high of $13.24 on the same day.
Trump holds 579,290 TRUMP tokens, valued at around $6.79 million. The memecoin has increased by 53% in the past week following Trump’s endorsements of the crypto industry. Three days ago, Trump expressed his openness to the cryptocurrency industry, saying, “I am very positive and open-minded to cryptocurrency companies and all things related to this new and burgeoning industry.”
The Trump 2024 campaign launched a fundraising page on May 21, allowing donations in crypto. However, TRUMP token prices have dropped by 8.8% since their peak, now trading at $12.04, according to CoinGecko. This decline has reduced Trump’s portfolio to $9.5 million, reflecting broader market trends.
The TRUMP memecoin, launched in August, aims to support U.S. veterans and protect children. Despite bearing Trump’s name, he did not officially endorse the token. The official website reports donations of 234.75 ETH to veterans and 204.5 ETH to child trafficking prevention.
Cryptopolitan reporting by Jai Hamid
