Former President Donald Trump lent his support to cryptocurrencies once again, noting that the U.S. government shouldn’t be selling Bitcoin BTC/USD.
What Happened: In an interview with prominent YouTuber Adin Ross Monday, the Republican presidential candidate dubbed cryptocurrencies as “modern currencies” and said “smart” people were invested in them.
On a question regarding the administration’s move to sell state-owned Bitcoin, Trump said, “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 likened cryptocurrencies to artificial intelligence and highlighted the importance of being left behind.
It was worth noting that cryptocurrency trading and mining have been banned in China since 2021. However, some reports have revealed a growing trend of Chinese investors using alternative methods to invest in the market.
Why It Matters: Trump’s latest remark echoed his widely-talked-about speech at the recent Bitcoin 2024 conference.
“For too long our government has violated the cardinal rule that every Bitcoiner knows by heart: Never sell your Bitcoin,” Trump said during his keynote speech.
Interestingly, the U.S. Department of Justice moved out $2 billion in Bitcoins from its cold wallet last week. It was unclear whether the government’s goal was to unload the holdings or if it was simply a routine fund management exercise.
Trump has called for a national Bitcoin stockpile, claiming that having the cryptocurrency in reserves will help to pay off the U.S.’s’ $35 trillion debt. This position, though, has been slammed by renowned economist Justin Wolfers.
Price Action: At the time of writing, Bitcoin was trading at $56,020.27, recovering 2.27% in the last 24 hours, according to data from Benzinga Pro.
Image via Shutterstock
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