The following is a guest post by Kadan Stadelmann, CTO of Komodo Blockchain.
After weeks of close races between Democratic and Republican candidates, the odds of Donald Trump being elected president of the United States are increasing. According to gambling market Polymarket, at the time of writing, Trump leads Democratic candidate Kamala Harris by more than 30 points.
Despite Harris integrating cryptocurrencies into her campaign with support from Mark Cuban, the presidency appears to be slipping away from the current vice president.
Trump has not featured Bitcoin at major campaign events in recent months. There are many possibilities for President Trump to seek votes from the Bitcoin community by presenting a Bitcoin plan to pay down the national debt.
Trump should recommit to Bitcoin
For example, the time has come for President Trump to announce his intention to hold Bitcoin as a national strategic asset. He should outline his broader Bitcoin policy and highlight plans to scoop up 20% of the Bitcoin supply, or about 4 million Bitcoins. He should position this as a means to pay down the national debt. To do so, you need an active Bitcoin strategy. Mr. Trump should give an overview. Harris might do the same, but it's unlikely she will.
Despite the dismay of Bitcoin maximalists as DeFi moves into the world, President Trump has shown an understanding of how Bitcoin can be applied on a national level.
While announcing the national debt plan, he can extol the various virtues of Bitcoin and how it can benefit the country.
For example, he believes that Bitcoin miners are contributing to the stabilization of energy supplies and the power grid. He has pledged to be a voice for miners from his seat in the Oval Office. President Trump posted on social media:
“Bitcoin mining may be the last line of defense against CBDCs.”
He added:
“Biden’s hatred of Bitcoin will only help China, Russia, and the radical communist left. We want all remaining Bitcoin to be MADE IN THE USA. It will help you become!!!”
The former president, whose campaign accepts crypto donations, has been extremely active after the Bitcoin vote, promising to commute Silk Road founder Ross Ulbricht's double life sentence at the 2024 Libertarian Convention. That's what I did.
President Trump's campaign rhetoric was shared early on by senior Trump administration advisers.
“…cryptocurrency innovators and other companies in the technology sector are under attack from Biden and Democrats,” and “While Biden stifles innovation with increased regulation and tax increases, President Trump We are ready to encourage American leadership.”
Indeed, Trump does not consider cryptocurrencies to be currencies, nor has he expressed support for Nayib Bukele's Bitcoin legal tender legislation. That should change.
Mr. Trump has a great opportunity to proactively introduce policies as part of his election strategy. It should announce plans to acquire significant amounts of Bitcoin to pay down the national debt.
President Trump should guarantee self-custody rights and create a working group to explore the possibility of creating a Bitcoin standard similar to the classic gold standard. The US can still generate dollars. They just need to be pegged to Bitcoin.
With only a week left until the election, President Trump could generate further excitement with his clear Bitcoin policy of owning 20% of the total Bitcoin supply.
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