Trump Criticizes US Bitcoin Sales, Calls For National Cryptocurrency Stockpile: 'If We Don't Do It, China's Doing It'

Former President Donald Trump has once again voiced his support for cryptocurrencies, specifically criticizing the U.S. government's recent decision to sell Bitcoin.

In a recent interview with YouTuber Adin Ross, Trump argued that the United States should invest in and build its cryptocurrency reserves rather than selling them off. He likened cryptocurrency’s importance to artificial intelligence, emphasizing the need for the U.S. to stay competitive in the global market.

“Crypto Is Like AI, If We Don’t Build It, China Will”

Trump’s comments during the interview highlighted his belief that cryptocurrencies are modern financial instruments that the U.S. should embrace rather than discard.

“It's something they shouldn't be doing because they should be trying to build it. So if we don't do it, China's doing it, and other places are doing it,” Trump stated. His remarks underscore a broader concern about the U.S. falling behind in technological advancements, particularly in areas where China has shown interest.

Despite China’s 2021 ban on cryptocurrency trading and mining, reports suggest that Chinese investors find alternative methods to engage in the crypto market. This has led to speculation about whether China might reverse its stance on crypto, especially in light of Russia’s recent move to legalize crypto mining.

The Call for a National Bitcoin Stockpile

Trump's advocacy for a national Bitcoin stockpile is part of his broader strategy to address the U.S.’s $35 trillion debt. During a speech at the Bitcoin 2024 conference, Trump argued that holding Bitcoin in reserves could help stabilize the national debt. “For too long, our government has violated the cardinal rule that every Bitcoiner knows by heart: Never sell your Bitcoin,” Trump stated, reaffirming his belief in the long-term value of cryptocurrencies.

However, this position has drawn criticism from economic experts. Renowned economist Justin Wolfers has challenged Trump's stance, suggesting that the volatility of Bitcoin makes it an unreliable asset for national reserves.

The Future of U.S. Crypto Policy

As the debate over the U.S. government’s role in cryptocurrency continues, Trump's comments have reignited discussions about the future of digital assets in America. His perspective will likely be a topic of interest at the upcoming Benzinga Future of Digital Assets event, scheduled for Nov. 19 in New York City. The event, which will gather over 1,000 capital markets leaders and institutional investors, aims to explore the evolving role of cryptocurrencies in global finance.

Attendees at the event will be able to engage with leading companies and industry experts, discussing strategies for building robust crypto portfolios in an ever-changing regulatory environment. With Trump's remarks adding fuel to the ongoing conversation, the event promises to be a pivotal moment for the future of digital assets in the U.S.

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