Presidential Candidates’ Views
The idea might seem absurd, but two US presidential candidates, Donald Trump and Robert Kennedy, presented it at the “Bitcoin 2024” conference.
Trump’s Perspective
Trump highlighted significant financial dangers. He blamed trillions in spending, rampant inflation, and open borders. He criticized spending on social welfare and free healthcare for illegal immigrants. He also pointed out the Federal Reserve’s unprecedented money printing. The US dollar’s money supply (M2) increased by 42% to $21 trillion, while the Fed’s balance sheet nearly doubled to $7.2 trillion. The national debt surged by 58% to $34.8 trillion.
Future Economic Predictions
The Congressional Budget Office predicts the national debt will reach 122% of GDP by 2034. The budget deficit will grow to 6.9% of GDP.
Trump blamed this on funding endless wars abroad, leaving US cities in disrepair. This situation led to soaring real estate prices and social unrest. Zillow reported a 54.1% increase in starter home prices over five years, reaching $197,000. In 237 cities, prices start at $1 million. This has contributed to a record 653,000 homeless individuals.
Bitcoin as a Solution
Trump proposed Bitcoin as a hedge against inflation. He announced the creation of a national strategic reserve of cryptocurrency. He plans to:
- Remove unnecessary regulations
- Make America a global leader in mining
- End the weaponization of cryptocurrency
- Fire Gary Gensler and appoint a new SEC chair on his first day
- Halt Operation Chokepoint 2.0, which hinders cryptocurrency banking
- Preserve and transfer 204,000 BTC to a strategic reserve
- Strengthen America and Bitcoin
Kennedy’s Approach
Kennedy criticized the Federal Reserve’s policies. He pledged that, if elected, the US Treasury would buy 550 BTC daily until the national reserve reached 4 million BTC. He stated Bitcoin could restore the US economy and claimed fiat currency was created to fund wars. With global cryptocurrency adoption, wars would end because Bitcoin cannot be printed.
Bitcoin’s Evolution
In just a few years, Bitcoin evolved from a “geek toy” to an investment asset rivaling gold. It transformed from a tool for criminals to a remedy for reckless fiscal policies. Although candidates’ statements contain populism, they reflect growing cryptocurrency recognition. Long-term forecasts of $1 million for Bitcoin seem less implausible.
