Trump Is Mocked by His Team for Crypto Initiatives

Donald Trump, campaigning for the US presidency, has some interesting ideas about how cryptocurrency will be used by the US government to pay off its $35 trillion in debt.

His own supporters have laughed at his ideas about paying off the national debt using crypto. Though Trump has fluctuated in his stance on cryptocurrency in the past, he is now very strongly supporting digital currency and bad mouthing the Democratic party for their handling of the issue.

Speaking in a recent interview on Fox News, Trump said that crypto is very interesting and that if the US does not do anything with it, then China and other countries will. And he even floated the idea that the US could use its crypto stores to pay off the national debt. One of several problems with this idea is that the Bitcoin market cap is only $1.3 trillion.

Trump is now soundly behind crypto as a concept and seems to be all for keeping regulations limited when it comes to digital currencies, but it does not appear like he knows how they work or how they will be used. He said, “Maybe we’ll pay off the $35 trillion in crypto,” speaking about the national debt owed to other countries, primarily China. He spoke about just writing “$35 trillion crypto” on a piece of paper to deal with the mountain of debt.

His supporters burst out in laughter at the notion.

What Crypto Might Look Like Under Trump

Even though Donald Trump does not appear to know too much about crypto, he does offer a lot of support for limited regulation and for the use of cryptocracy in government services. If he is elected and he does enact those kinds of policies, that could be huge for crypto and not just for Bitcoin.

Trump has been speaking very vocally about his support for crypto for a few months now, and if that carries over to new legislation that protects crypto, that could be very good for the economy and for the crypto market in general.

ABOUT THE AUTHOR See More

Timothy St. John

Financial Writer - European & US Desks

Timothy St John is a seasoned financial analyst and writer, catering to the dynamic landscapes of the US and European markets. Boasting over a decade of extensive freelance writing experience, he has made significant contributions to reputable platforms such as Yahoo!Finance, business.com: Expert Business Advice, Tips, and Resources - Business.com, and numerous others. Timothy's expertise lies in in-depth research and comprehensive coverage of stock and cryptocurrency movements, coupled with a keen understanding of the economic factors influencing currency dynamics. Timothy majored in English at East Tennessee State University, and you can find him on LinkedIn.

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