Former U.S. President and Republican candidate Trump continues to advocate Bitcoin during his re-election campaign in November this year.
Trump said in a recent statement that Bitcoin could help solve the huge U.S. national debt.
Trump’s Bold Proposal: Using Bitcoin to Repay U.S. National Debt
In an interview with Fox News’ Maria Bartiromo, Trump suggested that Bitcoin has the potential to eliminate the United States’ $35 trillion in foreign debt. He believes that if effectively adopted and supported, these digital assets can benefit the country.
“Who knows? Maybe we can pay off the $35 trillion in foreign debt and give them a check in cryptocurrency, right? Why don’t we spend the $35 trillion and buy a little bit of Bitcoin?” Trump said.
The U.S. Treasury debt has become a hot topic, especially since it surpassed $35 trillion. The United States has accumulated about $12 trillion in federal debt since 2020. Current deficit spending relative to GDP is at World War II levels.
Challenges and Controversies Surrounding the Idea
The idea of using Bitcoin to reduce the national debt is not new. Senator Cynthia Lummis introduced a Bitcoin bill proposing to establish a Bitcoin strategic reserve and authorize the US Treasury Department to acquire 1 million Bitcoins within five years. While some cryptocurrency enthusiasts support the concept, financial experts remain skeptical, citing the need for Bitcoin’s market capitalization to exceed $35 trillion.
One investor asked, “Don’t people know how the world works?”
Trump’s Stance Amidst Changing Political Landscape
Trump’s remarks on using Bitcoin to repay the national debt come at a pivotal moment, as his chances of winning the presidential election have decreased. His rival, Vice President Kamala Harris, recently received a major cryptocurrency executive endorsement, adding to the evolving dynamics of the political and crypto world.
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