Trump urges U.S. government not to sell cryptocurrencies: Can't let China succeed

Former US Republican presidential candidate Donald Trump, interviewed by popular internet personality Adin Ross on the game streaming platform Kick recently, warned the current US government during the live broadcast not to sell off Bitcoin anymore. He emphasized that if the US does not quickly innovate in the digital asset space, it will soon be overtaken by other countries.

Trump: Government Should Not Sell Cryptocurrency

Ross first mentioned the U.S. government's move to sell some of its Bitcoin holdings shortly after Trump's appearance at Bitcoin 2024, prompting Trump to express disapproval:

This is something the U.S. government should not be doing; they should try to understand and develop it.

Ross later inquired whether he would continue to defend and support cryptocurrencies after winning the U.S. election in November, to which Trump reiterated his position:

If we don't actively develop the related technologies, China is catching up, and other countries are also striving; we cannot be left behind.

Previously, Arkham Data indicated last week that wallets marked as belonging to the U.S. government were gradually transferring around $2 billion worth of Bitcoin to Coinbase, reportedly related to funds seized by the U.S. Department of Justice from the dark web marketplace Silk Road at the end of last year.

Arkham: U.S. Government Wallets Transfer Around $2 Billion in Bitcoin

Comparing AI: Cryptocurrency is a Rather Modern Currency

Furthermore, Trump compared cryptocurrency to the increasingly popular topic of "artificial intelligence AI," calling cryptocurrency a "rather modern form of currency":

Cryptocurrency is a form of currency that exists in a very modern form. I know many very talented and smart people entering this market, and they believe that the development in this field is very beneficial.

However, looking at the recent dismal performance of many tech stocks involved in the AI field in recent days, using the overhyped AI topic as a comparison may not be a good choice.

Nvidia's New AI Chip Delayed, Asset Management Company: Company in Bubble Stage, AI Overhyped

Trump's Strong Endorsement of Cryptocurrency as a Campaign Strategy

Starting this year, Trump has changed his previous opposition to cryptocurrency and taken a stance in support of cryptocurrency policies as a stepping stone for his re-election campaign.

Trump's Bitcoin 2024 Commitment: Fire Gary Gensler, Ensure U.S. Becomes a Bitcoin Powerhouse

Not only claiming to make the U.S. a "Bitcoin mining powerhouse," but also stating the intention to establish a national Bitcoin strategic reserve and promising to dismiss the current SEC chairman, ending the war actions by Biden and the Democratic Party against cryptocurrencies.

Interpreting Trump's Speech: The Perfect Combination of Bitcoin and Political Language, Where the Pain Points of the Crypto Community Meet American Glory

Previously, Republican crypto-friendly Senator Cynthia Lummis also expressed support by drafting the "2024 Bitcoin Reserve Act," urging the U.S. to purchase at least 200,000 Bitcoins annually.

Republican Senator Lummis Proposes Bitcoin Strategic Reserve Act: Accumulate 1 Million Bitcoins within Five Years, Solving National Debt