It’s time for Trump (or Kamala) to commit to buying 20% of the total Bitcoin supply.
The following is a guest post by Komodo Blockchain CTO Kadan Stadelmann.
As the Democratic and Republican presidential primaries have been fierce for several weeks, the chances of Donald Trump winning the US presidency are increasing. According to betting market Polymarket, Trump leads Democratic candidate Kamala Harris by more than 30 points as of this writing.
Even though Harris has incorporated cryptocurrency into her campaign with the help of Mark Cuban, the presidency seems to be slipping away from the current Vice President.
Trump hasn’t mentioned Bitcoin at a major campaign event in months. There are many possibilities for Trump to drum up votes among the Bitcoin community by touting a Bitcoin plan intended to pay off the national debt.
Trump should invest again in Bitcoin
For example, it is time for President Trump to announce his intention to hold Bitcoin as a national strategic asset. He should outline his broader Bitcoin policy, highlighting his plan to secure 20% of the Bitcoin supply, or about 4 million Bitcoins. It should be used as a way to repay the national debt. This requires an aggressive Bitcoin strategy. Trump needs to explain it. Harris could do the same, but it seems unlikely.
Despite his foray into the world of DeFi, much to the chagrin of Bitcoin maximalists, Trump has demonstrated an understanding of how Bitcoin can be applied at a national level.
As he announces his national debt plan, he can extol the various virtues of Bitcoin and how it could benefit the country.
For example, he said Bitcoin miners help stabilize energy supplies and the grid. He promised to advocate for the miners in the Oval Office. Trump posted the following on social media:
“Bitcoin mining could be the last line of defense against CBDCs.”
He added:
“Biden’s hatred of Bitcoin only helps China, Russia and the radical communist left. We want every remaining Bitcoin to be MADE IN THE USA!!! This will help us achieve energy dominance!!!”
The former president, who accepted cryptocurrency donations, has been working very hard since the Bitcoin vote and even promised to commute Silk Road founder Ross Ulbricht’s double life sentence at the 2024 Libertarian National Convention.
Trump’s campaign rhetoric was shared early on by senior advisers in the Trump administration.
“…Crypto innovators and others in technology are under attack from Biden and the Democrats.” And “while Biden stifles innovation with more regulation and higher taxes, President Trump is ready to promote American leadership in this and other emerging technologies.”
Trump certainly does not view cryptocurrencies as currencies and has never expressed support for Nayib Bukele’s Bitcoin fiat bill. That has to change.
Trump has a golden opportunity to actively introduce policies as part of his campaign strategy to get elected. He should announce plans to secure significant amounts of Bitcoin to pay off the national debt.
Trump should secure his custody and create a working group to explore the possibility of creating a Bitcoin standard similar to the classic gold standard. America can still create dollars. They will just have to lock in Bitcoin.
With the election only a week away, Trump could generate further excitement with a clear Bitcoin policy, promising to reserve 20% of the total Bitcoin supply.