As a seasoned crypto investor with over a decade of experience navigating the volatile and rapidly evolving digital asset market, I find the recent developments surrounding Bitcoin and Trump’s potential strategy to address the $35 trillion national debt intriguing.
In a chat with Fox News, ex-President Donald Trump expressed his approval for utilizing Bitcoin to aid in repaying America’s massive $35 trillion national debt as he gears up for a possible 2024 presidential bid. Simultaneously, his views suggest a significant change in the Republican Party’s perspective on digital currencies.
Trump’s Strategy To Tackle $35 Trillion Debt With Bitcoin
Trump expressed his fascination for cryptocurrencies, noting their sophisticated nature on multiple fronts, particularly intellectually. He emphasized that these digital assets are rapidly gaining traction worldwide. If the U.S. fails to adapt to this technology, nations like China might capitalize on the opportunity and take the lead in its development.
In a similar vein to suggestions made by Republican figures like Wyoming Senator Cynthia Lummis and ex-House Speaker Paul Ryan, Trump has recently voiced support for the U.S. government considering the purchase of Bitcoin as a strategy to tackle the national debt.
In his latest statement, Trump implied that the government might consider distributing digital currency payments, such as cryptocurrency checks or Bitcoin, as a potential solution for addressing the staggering $33 trillion national debt.
Genesis Triggers $1.6 Billion In BTC And ETH Transfers
Initially, Bitcoin, the most valuable cryptocurrency in terms of market capitalization, momentarily dropped below $63,000, touching a weekly low of $62,440, following reports about Genesis’s distribution process. As per the announcement made by Genesis on August 2, they have started distributing funds to creditors as part of their Chapter 11 bankruptcy strategy.
In the initial allocation, Bitcoin creditors will get about 51.28% of their Bitcoin holdings directly, whereas Ethereum creditors will receive approximately 65.87% of their Ethereum holdings. However, creditors of other cryptocurrencies aside from Solana (SOL) will receive an average of around 87.65% of their holdings, while Solana creditors will get about 29.58% of their holdings.
Transactions associated with wallets linked to Genesis Trading have initiated, transferring approximately 16,600 Bitcoin (valued at around $1.1 billion) and 166,300 Ethereum ($521.1 million) over the last hour, as reported by market intelligence platform Arkham.
It’s worth noting that, according to reports, Mark Cuban – a well-known billionaire investor and cryptocurrency advocate – has been given approximately $19.9 million in Ether (ETH) as part of Genesis Bankruptcy proceedings. This underscores the potential impact of Genesis’ collapse on its creditors.
The company additionally revealed that creditors set up a $70 million fund for lawsuits, aimed at taking legal action against several outside entities, such as Digital Currency Group (DCG) and Genesis’ parent company.
Currently, the leading digital currency, Bitcoin (BTC), has reclaimed the $63,100 mark following a dip close to the $62,000 region on Friday. Over the past day, BTC has experienced a slight decrease of 0.8%.
Read More
- CORE PREDICTION. CORE cryptocurrency
- Top gainers and losers
- SYS PREDICTION. SYS cryptocurrency
- KUNCI PREDICTION. KUNCI cryptocurrency
- BTC PREDICTION. BTC cryptocurrency
- CFG PREDICTION. CFG cryptocurrency
- Best coins for today
- DOGE PREDICTION. DOGE cryptocurrency
- THOR PREDICTION. THOR cryptocurrency
- STFX PREDICTION. STFX cryptocurrency
2024-08-03 12:40