Donald Trump turned to Bitcoin to solve the US national debt after his re-election. David Bailey, CEO of Bitcoin Magazine and crypto advisor to the Trump campaign, revealed this during a discussion about X.
Trump asked him if Bitcoin could help solve the $35 trillion debt.
Bailey said that when he first met Trump, the former president asked about Bitcoin's potential to resolve debt.
Although Bailey was not ready to discuss details, he has since worked with Trump to develop a pro-cryptocurrency policy.
The move is a major shift for Trump, who had previously been vehemently opposed to cryptocurrencies.
Bitcoin Magazine wants to save crypto from Biden
Trump's recent endorsement of Bitcoin has been a boon for the cryptocurrency industry. Bailey announced a $100 million campaign to support a pro-Bitcoin presidential candidate.
He clarified that Bitcoin Magazine's support was not necessarily for Trump but against Biden's anti-crypto stance.
David Bailey said:
“We will mobilize to defend ourselves. We're not voting for Trump per se, we're voting against Biden. The only person responsible for that is Biden.”
He emphasized that it is time for Bitcoin to influence the next US Presidential election. Regardless of the candidate, Bailey and his team are eager to promote Bitcoin-friendly policies.
According to Bailey, his efforts are motivated by his belief in Bitcoin's potential to influence the future of US politics.
Trump increases cryptocurrency holdings
Trump's Cryptoasset have skyrocketed recently, briefly surpassing $10 million on Monday.
This spike was driven by his largest holding, memecoin TRUMP.
Blockchain intelligence firm Arkham reported that Trump's portfolio reached this milestone on May 27.
TRUMP memecoin reached an All-Time-High of 13.24 USD on the same day.
Trump holds 579,290 TRUMP Token , worth approximately $6.79 million. Memecoin is up 53% in the past week following Trump's endorsement of the cryptocurrency industry.
Three days ago, Trump expressed his openness towards the cryptocurrency industry, saying:
“I am very positive and open to crypto companies and all things related to this new and growing industry.”
The Trump 2024 campaign launched a fundraising page on May 21, allowing donations in cryptocurrency.
However, the TRUMP Token price has dropped 8.8% since its peak, currently trading at $12.04, according to CoinGecko.
This decline reduced Trump's portfolio to $9.5 million, mirroring broader market trends.
TRUMP memecoin, launched in August, aims to support US veterans and protect children.
Even though it bears Trump's name, he did not officially endorse this Token .
The official website reports donations of 234.75 ETH for veterans and 204.5 ETH for child trafficking prevention.
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