Recent studies have shown that the number of people who are able to speak English is increasing. interview with Fox News, former President Donald Trump voiced support for using Bitcoin as a tool to help pay down the United States’ $35 trillion national debt as he positions himself for a potential 2024 presidential re-election, while also signaling a notable shift in the Republican party’s stance on digital assets.
Trump’s Strategy To Tackle $35 Trillion Debt With Bitcoin
“Crypto is a very interesting thing, very high level in certain ways, intellectually very high level,”Trump. He acknowledged the global adoption and rapid growth of cryptocurrency, while warning the US that it would be at risk if they did not adopt the technology. countries like China The initiative will be taken.
Trump’s recent comments echo proposals from Republican figures such as Wyoming Senator Cynthia Lummis and former House Speaker Paul Ryan, who have floated the idea The US government is investing in Bitcoin to pay off the nation’s debt.
While Trump didn’t offer any new specifics, he did hint at the possibility of the government simply “handing out a little crypto check”Or “handing them a little Bitcoin”As a means to reduce the debt of $35 trillion.
Genesis Triggers $1.6 Billion In BTC And ETH Transfers
Bitcoin, by far the most valuable cryptocurrency, fell briefly below $63,000, hitting a low of $62,440 on a weekly basis as the news about the Genesis distributions reached the market. According to the announcement Genesis has started making distributions in accordance with its Chapter 11 bankruptcy.
BTC creditor will receive in-kind 51.28%, while ETH credits will receive in-kind 65.87%. Other creditors will receive their holdings in-kind. altcoinsCreditors of Solana will get an average of 29.58% of their assets, whereas creditors of other companies will only receive 87.65 percent of their investments.
Genesis Trading has already started the distributions, and wallets connected to Genesis Trading have moved 16.6K BTC (1.1 billion dollars) and 166.3K USD ($521.1 millions) over the past one hour. according to market intelligence platform Arkham.
Mark Cuban is a crypto enthusiast and billionaire investor. reportedly received $19.9 million in ETH from the Genesis Bankruptcy, further highlighting the implications of the firm’s downfall.
The firm also disclosed that creditors have established a $70 million litigation fund to pursue claims against various third parties, including Digital Currency Group (DCG), Genesis’ parent company.
The largest cryptocurrency in the world has managed, at the time this article was written, to return the $63,100 mark after it fell towards $62,000 on Friday. BTC currently has a 24-hour drop of 0.8%.
Chart by TradingView.com. Image from DALL.E.
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Source: www.newsbtc.com