Time for Trump (or Kamala) to pledge to buy 20% of the entire Bitcoin supply Time for Trump (or Kamala) to pledge to buy 20% of the entire Bitcoin supply
Trump urged to embrace Bitcoin, claiming crypto acquisition could address national debt while invigorating U.S. leadership in blockchain technology.
2 min read
Updated: Nov. 2, 2024 at 2:54 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
The following is a guest post by Kadan Stadelmann, CTO of Komodo Blockchain.
After weeks of a neck-to-neck presidential campaign between the Democratic and Republican nominees, Donald Trump’s odds of being elected to President of the US are on the rise. According to betting market Polymarket, Trump leads Democrat candidate Kamala Harris by a whopping 30-plus points at the time of writing.
Despite Harris incorporating crypto into her campaign, with the help of Mark Cuban, the Presidency seems to be slipping away from the current Vice President.
Trump has not brought up Bitcoin in a large campaign event in several months. There are numerous possibilities for Trump to court votes among the Bitcoin community by putting forth a Bitcoin plan with the intention of paying down the national debt.
Trump Should Recommit To Bitcoin
For example, it is time for Trump to reveal his intention of holding Bitcoin as a national strategic asset. He should outline an extensive Bitcoin policy, highlighting his plan to scoop up 20% of the Bitcoin supply or about 4 million bitcoins. He should position this as a way to pay down the national debt. To do so will take an aggressive Bitcoin strategy. Trump should outline it. Harris could do the same, but she is unlikely to do so.
Despite a foray into the world of DeFi to the chagrin of Bitcoin maximalists, Trump has demonstrated an understanding of how Bitcoin can be applied at the nation-state level.
While announcing his national debt plan, he can extol all the different virtues of Bitcoin and how it can benefit the nation.
For example, he has stated that, in his view, Bitcoin miners help to stabilize the energy supply and the grid. He committed to being an advocate for miners from his seat in the Oval Office. Trump posted on social media:
“Bitcoin mining may be our last line of defense against a CBDC,”
He added:
“Biden’s hatred of Bitcoin only helps China, Russia, and the Radical Communist Left. We want all the remaining Bitcoin to be MADE IN THE USA!!! It will help us be ENERGY DOMINANT!!!”
The former President, whose campaign has accepted crypto donations, has gone so hard after the Bitcoin vote, he even pledged at the 2024 Libertarian Party convention to commute Silk Road founder Ross Ulbricht’s double life sentence.
Trump’s campaign rhetoric was early on shared by senior advisor to the Trump administration:
“…crypto innovators and others in the technology sector are under attack from Biden and Democrats” and “while Biden stifles innovation with more regulation and higher taxes, President Trump is ready to encourage American leadership in this and other emerging technologies.”
Trump, to be sure, does not view crypto as currency nor has he voiced any support for Nayib Bukele’s Bitcoin legal tender law. That should change.
Trump has a golden opportunity to be proactive and introduce policy as part of a campaign strategy to get elected. He should announce a plan to acquire a substantial amount of Bitcoin with the intention of paying down the national debt.
Trump should guarantee the right to self-custody and create a working group to explore the possibility of creating a Bitcoin Standard similar to the classical gold standard. The U.S. could still create dollars. They would just have to be pegged to Bitcoin.
With the election only one week out, Trump can stir up further excitement with a clear Bitcoin policy: pledging to hold 20% of all Bitcoin in supply.
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Author 
Kadan Stadelmann
Kadan Stadelmann is a blockchain developer, operations security expert and Komodo Platform’s chief technology officer.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Polymarket
Polymarket is a decentralized prediction market platform that enables users to bet on world events using cryptocurrency.
A businessman, politician, and media personality, Donald John Trump served as the 45th president of the United States from 2017 to 2021.
Kamala Devi Harris (born October 20, 1964) is an American politician and attorney serving as the 49th Vice President of the United States.
Mark Cuban is an American billionaire entrepreneur, television personality, and media proprietor whose net worth is an estimated $4.7 billion, according to Forbes, and ranked No.
Nayib Armando Bukele Ortez is a Salvadoran politician and businessman who is the 46th and current President of El Salvador.