Trump Warns the Biden Administration Against Selling the Bitcoin Holdings
Former President Trump has emerged as the front-runner in the upcoming elections as a Republican Party nominee. He is now facing off against VP Kamala Harris who quickly rose to popularity following her nomination as Democratic representative. During the election season, the crypto sector has become a heavily politicized topic.
The phenomenon can be traced back to the popularity of Bitcoin among American investors and an increasing number of regulated crypto investment products such as ETFs. A number of politicians have pledged support for the local crypto sector.
Trump Emphasizes the Importance of Bitcoin
Former President Trump also endorsed Bitcoin a few months ago and attended the Bitcoin 2024 Conference in July. Recently, he emphasized the importance of innovation in the digital asset sector in the United States before other nations.
During an interview with influencer Aldin Ross, former president Trump talked about the risks associated with selling Bitcoin from US reserves. He also doubled down on his stance for the United States to innovate the digital asset front as a way to maintain the leading position on the international front.
He retained that China is the most significant geopolitical rival in terms of blockchain technology. He noticed that the nation was progressing in the matter of AI and crypto.
Marathon Digital Holdings Endorses Trump to Safeguard Crypto Industry
Speaking on the matter of the blockchain industry, Trump noticed that Bitcoin was a modern currency and had a modern design. He further added that a lot of investors are taking an active interest in the digital sector and they are smart.
He further noticed that it is going to be very beneficial investment. The presidential nominee also shared his plans for Bitcoin mining and AI divisions.
He also discussed about energy consumption which has become one of the leading questions associated with the topic. Fred Thiel is the chairperson and CEO of Bitcoin mining firm Marathon Digital Holdings.
He took the center stage at Bitcoin 2024 in Nashville, Tennessee. At the same time, he shared his beliefs that the Bitcoin mining industry is going to thrive under Trump. The Thiel panel has joined the force with the addition of Jason Les from Riot Platforms.
During one of the statements on the matter, Les noticed that Kamala Harris may not change the Biden administrative stance. The Republican Party candidate proposed heavy investments to build up energy infrastructure in the United States.
This suggestion has been endorsed by industry analysts and the spokesperson on various occasions. The industry takes a positive view of both Bitcoin mining infrastructure and AI data farms to compliment the data grid.
Bitcoin to Resolve $35 Trillion National Debt
President Trump has also nominated Bitcoin as a viable solution to the $35 trillion national debt problem. He discussed the potential of supply-capped asset to lessen the US government debt on account of its property to appreciate against USD inflation. At the same time, he also highlighted the ability of the flagship crypto to siphon the value of fiat currency.
As per the former president, it can be a way for the nation to divert economic downturn. As per the presidential nominee, the looming currency collapse may deteriorate the wealth of the nation into a new store of value and the sound monetary system backed by solid mathematical equations.
The regulators have postponed the listing decision for Hashdex NASDAQ crypto Index ETFs. If the product is approved it will become the first fund in the region to have a diversified portfolio of spot cryptocurrencies. This ETF tracks the NASDAQ crypto US Index (NCIUS). It is going to represent a number of cryptocurrencies that are weighted in terms of their market cap.
Some of the top reserves added tn this index are Bitcoin, Ethereum, Chainlink, Filecoin, and Uniswap as per the official filing documentation. However, 95% of the index ratio is made of Bitcoin and Ethereum.
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