Can Bitcoin Solve US Debt Crisis? Trump’s Surprising Inquiry

Key Points:

• David Bailey discussed Bitcoin as a debt solution with Trump.
• Bailey’s actions are to support Bitcoin, not endorse Trump.

“Can Bitcoin Solve US Debt?” was a question asked by Trump, according to David Bailey, CEO of Bitcoin Magazine, triggering discussions in the crypto space.

David Bailey, chief executive officer of Bitcoin Magazine and a cryptocurrency advisor to the Donald Trump campaign, stirred up interest with his recent disclosure.

Can Bitcoin Solve US Debt problem?

During an online space on X (formerly Twitter), he said Trump had asked whether Bitcoin could help solve the staggering U.S. national debt, which now stands at a whopping $35 trillion. Bailey said he told him he would save that conversation for another meeting.

Earlier, Bailey had announced, in his capacity as chief executive officer of Bitcoin Magazine, that he and his staff had been working with Trump’s campaign to draft a Bitcoin and cryptocurrency policy agenda.

Bitcoin Magazine CEO’s Initiative to Influence Presidential Policy

They had even proposed a comprehensive executive order for Trump to sign on the first day in office. He had also announced his intent to raise $100 million in campaign funds to ensure the next U.S. president would “be into Bitcoin.”

Vacation is over, on my way back to America to wage war. We need to raise $100m for Trump. Already have several 7-figure commitments. Long ways to go but it’s a start. Who can put up $10m+?

— David Bailey🇵🇷 $0.65mm/btc is the floor (@DavidFBailey) May 15, 2024

Contrary to what many may think, Bailey insists his actions are not an endorsement of Trump. According to him, it’s an act of supporting Bitcoin. He feels his initiative is a reaction to the perceived anti-crypto stance of Joe Biden’s administration and some Democrats.

Readmore: Solana ETF Approval Is Unlikely, Warns JPMorgan: Report

Standard Chartered Bank Optimistic About Potential Regulatory Changes

David Bailey

Bailey’s statement is filled with sentiment: “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”. According to the Bitcoin Magazine CEO, Bitcoin can have a say in who the next U.S. President will be.

Geoff Kendrick, Standard Chartered Bank’s head of FX Research and Digital Assets Research, shares his optimism. He foresees a more lenient regulatory environment for the industry during a second term of Trump, which he dubs “broadly positive”.

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