US Presidential Candidate Donald Trump has proposed using Bitcoin to pay off the country’s $35 trillion in debt. The former president states, “Maybe we’ll pay off our $35 trillion and hand them a little crypto check, right?,” in an interview with FOX Business. Give them a small amount of Bitcoin and destroy the $35 trillion.
Over the past year, Donald Trump has been a vocal supporter of Bitcoin and cryptocurrencies in general. With a plethora of pro-cryptocurrency proposals, he has positioned himself as the “crypto president” candidate in the upcoming election. His most recent remarks, which suggest that Bitcoin might be able to alleviate the country’s debt crisis, have brought the cryptocurrency even more attention.
Donald Trump has stated his support for cryptocurrencies like Bitcoin during his reelection campaign. He stated that the asset class is “not going away” in an interview with Bloomberg. Additionally, he asserted that the US needs to take the lead in the world of cryptocurrencies and hinted that Bitcoin might be crucial to the US economy. There have even been rumors that Bitcoin could be used by the US government as a reserve asset, which would be extremely significant for the country’s debt in the long run.
Depending on how the US behaves, the Bitcoin token may save the US dollar or cause more damage to it. There are discussions of the nation designating Bitcoin as a national reserve currency by transferring all of the currently seized cryptocurrency from the Department of Justice to the Department of the Treasury. Although the plan has not been confirmed by the previous president, Trump, it has received a lot of attention and support as a good concept to prevent the collapse of the US dollar.
Since he was nominated by the Republicans, Donald Trump has already had a lot of support from the Bitcoin community. Community members have given his campaign money; some have even given in cryptocurrency like Bitcoin and Ethereum. Although it is highly unlikely, his suggestion to use Bitcoin to solve the US debt situation is not entirely outlandish. Considering the amount of Bitcoin that the DOJ has acquired, it’s possible that he is correct to cash it all in to pay off the $35 trillion in debt that the US currently has.
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