‘That’s Not How Crypto Works’

Trump’s Bold Plan to Use Bitcoin to ‘Erase’ $35 Trillion US Debt Questioned by Economist Justin Wolfers: ‘That’s Not How Crypto Works’

Influential economist Justin Wolfers recently expressed his skepticism regarding former US President Donald Trump’s understanding of debt, cryptocurrency, and the economy.

What Happened: Wolfers, a professor at the University of Michigan Ford School of Public Policy, responded to another famous economist, Scott Linsiome’s post highlighting Trump’s plan to pay off the US’s $35 trillion debt using Bitcoin (CRYPTO: BTC).

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“Maybe we’ll pay off our $35 trillion, give them a little crypto check, right? Give them some bitcoin and wipe out our $35 trillion,” Trump said in an interview with Fox Business.

Wolfers responded by saying, “That’s not how debt works; that’s not how cryptocurrency works; that’s not how the economy works,” and clearly disapproved of the Republican presidential candidate’s radical plan.

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Why It Matters: Wolfers’ criticism comes after Trump’s proposal to create a national Bitcoin stockpile, which has also stumped other financial and economic experts.

Nobel laureate Paul Krugman last week called Trump’s move a “government bailout” of a scandal-ridden, value- and environmental-destroying industry. James Angel of Georgetown University called it an election ploy to secure the support of Bitcoin enthusiasts.

Wolfers also slammed Senator Cynthia Lummis’ (R-Wyo.) proposal for a Bitcoin Strategic Reserve to address U.S. debt, calling Lummis’ explanation “one of the most baffling quibbles I’ve ever read.”

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Trump’s Audacious Plan to Use Bitcoin to ‘Erase’ $35 Trillion in US Debt Questioned by Economist Justin Wolfers: ‘That’s Not How Crypto Works’ This article originally appeared on Benzinga.com