US Presidential Candidate Donald Trump has suggested paying off the nation’s $35 trillion debt with Bitcoin. In an interview with FOX Business, the former President says “Maybe we’ll pay off our $35 trillion and hand them a little crypto check, right? Hand them a little Bitcoin, and wipe out the $35 trillion.”
Donald Trump has been an outspoken advocate for Bitcoin and cryptocurrency as a whole over the past year. He has labeled himself the “crypto president” choice in this coming election, proposing many pro-cryptocurrency initiatives. His latest comments thrust Bitcoin further into the spotlight, proposing that the digital asset could solve the United States’ debt problem.
Donald Trump Proposes Bitcoin as US Economy Savior
Throughout his reelection campaign, Donald Trump has expressed his advocacy for cryptocurrencies like Bitcoin. Speaking to Bloomberg, he noted that the asset class is “not going away.” Moreover, he said that the US must become a global crypto leader, and suggests that Bitcoin could play a pivotal role in the US Economy. Rumors even swirled around Bitcoin’s potential as a reserve asset for the US Government, which would certainly be big news for the future of US Debt.
The Bitcoin token can be a savior or further disciplinary for the US dollar depending on how the United States acts. There are talks of the country sending all of its current seized BTC from the Department of Justice to the Department of the Treasury, making it a national reserve currency. While former president Trump hasn’t confirmed this plan, it has garnered significant attention and support as a worthwhile idea to save the US Dollar from collapse.
Also Read: US Bitcoin Reserve to Be Funded Partly by Revaluing Fed’s Gold
Donald Trump has already received plenty of support from the cryptocurrency community since his Republican nomination. Donors from the community have contributed to his campaign fund, even donating in various cryptocurrencies such as BTC and Ethereum. His proposal to fix the US Debt crisis with Bitcoin is an extreme one, but not fully impossible. With how much seized BTC the DOJ has in reserve, perhaps he is right in cashing it all in to wipe away the current $35T in debt the US has on its shoulders.