Trump Proposes Bitcoin as Solution to $35 Trillion US National Debt
Former President Donald Trump has recently suggested an unconventional approach to address the United States’ colossal $35 trillion national debt.
In a recent interview with Fox News’ Maria Bartiromo, Trump proposed utilizing Bitcoin or a “crypto check” as a potential solution to alleviate the debt crisis. Trump emphasized the importance of innovation in the digital asset sector, noting that without it, other countries might take the lead.
Trump’s statement reflects his belief in Bitcoin’s potential to manage and mitigate the effects of inflation on the US dollar. He suggested that the US could use Bitcoin to settle its national debt, proposing that a “little crypto check” might help resolve the financial burden. The former president’s comments highlight Bitcoin’s role as a deflationary asset that could, theoretically, transform the current monetary system.
The US national debt, which took over 200 years to reach $1 trillion, is now increasing at an alarming rate, with the same amount being added approximately every three months due to ongoing deficit spending. In June, interest payments on the national debt consumed about 76% of all income tax revenue, making it a significant budgetary concern.
Bitcoin advocates argue that the digital asset could offer a solution by gradually transferring value from the dollar system into Bitcoin, potentially preventing a severe currency collapse. Robert F. Kennedy Jr., an independent presidential candidate, has also suggested that a Bitcoin reserve could help manage the national debt as Bitcoin appreciates in value.
In related news, David Plouffe, a former senior adviser to President Barack Obama and a recent figure in the cryptocurrency industry, is reportedly joining Kamala Harris’ 2024 presidential campaign. According to Cointelegraph, Plouffe will be among the senior advisers for the Harris campaign.
Plouffe, who previously served on Binance’s Global Advisory Board and as a global strategic adviser for Alchemy Pay, may bring his crypto expertise to the campaign. However, it remains unclear if his role will specifically involve advising on cryptocurrency and blockchain matters.
The Democratic National Committee has confirmed that Vice President Harris has secured enough delegates to become the party’s official candidate for 2024. She is expected to accept the nomination in the coming week.
