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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Trump Floats Bitcoin Payments As Solution To $35 Trillion US Debt Crisis

Ronaldo Marquez
Ronaldo Marquez
10 months ago
3 mins read
Bitcoin

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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.

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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.

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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.

Bitcoin
The 1 day chart shows BTC’s price trending downwards. Source: BTCUSDT on TradingView.com

Featured image from DALL-E, chart from TradingView.com

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Ronaldo Marquez
Ronaldo Marquez

Ronaldo Marquez

Ronaldo is an experienced crypto enthusiast dedicated to the nascent and ever-evolving industry. With over five years of extensive research and unwavering dedication, he has cultivated a profound interest in the world of cryptocurrencies.

Read more

Ronaldo's journey began with a spark of curiosity, which soon transformed into a deep passion for understanding the intricacies of this groundbreaking technology.

Driven by an insatiable thirst for knowledge, Ronaldo has delved into the depths of the crypto space, exploring its various facets, from blockchain fundamentals to market trends and investment strategies. His tireless exploration and commitment to staying up-to-date with the latest developments have granted him a unique perspective on the industry.

One of Ronaldo's defining areas of expertise lies in technical analysis. He firmly believes that studying charts and deciphering price movements provides valuable insights into the market. Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision.

Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities.

Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth.

However, Ronaldo's aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape.

Ronaldo also recognizes the importance of maintaining a healthy body and mind, regularly hitting the gym to stay physically fit. He immerses himself in books and podcasts that inspire him to become the best version of himself, constantly seeking new ways to expand his horizons and knowledge.

With a genuine desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, embraces challenges, and seeks opportunities for growth and self-reflection. Ultimately, combining his passion for cryptocurrencies, dedication to learning, and commitment to personal development, Ronaldo aims to go hand-in-hand with the exciting new era that the emerging crypto technology is bringing to the world and societies.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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