Donald Trump asked Bitcoin expert David Bailey about the US debt

Donald Trump is considering cryptocurrency as an alternative solution to the rising US national debt.

In a recent interview, Trump asked David Bailey, CEO of Bitcoin Magazine, about Bitcoin's ability to solve the nation's $35 trillion debt.

Bailey and his team advise Trump on Bitcoin policies

Bailey revealed the details of this conversation at a recent X-Space session, where in their first meeting, Trump asked if bitcoin could help ease the $35 trillion national debt. Although Bailey had ideas, he was not prepared to discuss them in depth at the time. Last month, Bailey and his team worked closely with the Trump campaign to develop pro-Bitcoin policies.

“We have submitted a comprehensive executive order for President Trump to sign on the first day. I will share those details with you soon,” Bailey announced.

Bailey's statement drew a lot of interest, highlighting the importance of support from the crypto community. He urged crypto enthusiasts to contribute by confirming that the next US president will support Bitcoin.

“We intend to raise a $100 million war chest for the campaign,” Bailey said.

Read More: How To Donate Crypto Using Block Giving

Trump's pro-crypto shift marks a major shift from previous skepticism about bitcoin and cryptocurrencies. Recently, President Biden's administration criticized crypto for its lack of understanding and promised to create a more supportive regulatory environment. At the Libertarian Party National Convention, Trump pledged to protect the right to self-defense against crypto assets and the creation of a central bank digital currency (CBCC).

The politician's pro-cryptocurrency stance has received support from many prominent figures in the crypto community. Mark Cuban spoke of the current administration's concerns for crypto regulation after TRON founder Justin Sun and Cardano co-founder Charles Hoskinson voted for crypto-friendly candidates. Coinbase is growing institutional support by creating a political action committee to support pro-crypto candidates.

According to Polymarket, a popular crypto-based prediction platform, Donald Trump has a 56% chance of winning the election, compared to Biden's 37%. His return to office, with support from major players and promises of a more favorable regulatory environment, could seriously hurt the industry as a whole.