Trump Goes Full Crypto: US GDP Information Now Lives on Blockchain
Photograph : AP
Washington, DC: The US authorities has formally began publishing its GDP numbers on public blockchains, marking one of many greatest endorsements of crypto by the Trump administration up to now.
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On Thursday, the Commerce Division stated it has posted the “official hash of its quarterly GDP knowledge launch for 2025 — and, in some circumstances, the topline GDP quantity” on 9 blockchains, together with Bitcoin, Ethereum, Solana, TRON, Stellar, Avalanche, Arbitrum One, Polygon PoS, and Optimism. Information suppliers Pyth and Chainlink are additionally a part of the rollout, a Bloomberg report stated.
Officers clarified that this transfer creates a further channel for sharing financial knowledge, not a substitute for conventional publication.
Mike Cahill, CEO of Douro Labs, who labored with the Commerce Division on the mission, stated: “With right this moment’s announcement we are actually in a world the place authorities knowledge lives on blockchains, and market contributors can take part in actual time.”
The initiative sparked a direct market response. The Pyth Community token surged 61% in 24 hours to just about 19 cents after the information.
Political Backdrop
The blockchain shift comes weeks after President Donald Trump fired the pinnacle of the Bureau of Labor Statistics, accusing the company of manipulating job development knowledge. Officers insisted Thursday’s blockchain rollout was unrelated to that episode.
Commerce Secretary Howard Lutnick was reportedly behind the blockchain push. Earlier this yr, he steered altering how GDP is calculated, excluding authorities spending.
Throughout a White Home assembly this week, Lutnick advised Trump that GDP statistics can be issued through blockchain, including: “as a result of you’re the crypto president.”
Trump’s Professional-Crypto Flip
As soon as skeptical of cryptocurrencies, Trump has now embraced the trade. Since taking workplace, he has:
Created a Bitcoin reserve and authorities stockpile of Ether and Solana.
Appointed crypto-friendly regulators, ending enforcement circumstances in opposition to Coinbase.
Signed a stablecoin legislation to manage dollar-pegged tokens.
His household can be closely invested within the sector, backing World Liberty Monetary, which is launching a brand new coin subsequent week.
Crypto companies together with Coinbase, Kraken, and Gemini are working with the Commerce Division to cowl blockchain transaction prices, or “gasoline.” Each Kraken and Gemini are getting ready for IPOs.
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Governments worldwide have examined blockchain for years, from digital currencies to digitising automobile titles. Lutnick now desires extra federal businesses to undertake it.
“We’re going to put our GDP on the blockchain… after which we’re going to make that accessible to your entire authorities, so all of you are able to do it,” he advised company heads.
The transfer cements crypto’s political affect in Washington. Notably, the trade poured over $133 million into pro-crypto PACs through the 2024 election, closely backing Trump and his allies.
