Trump Proposes Bitcoin Solution for $35 Trillion National Debt

Trump Proposes Bitcoin Solution to $35 Trillion National Debt

Former President Donald Trump has floated the idea of ​​using Bitcoin or a “crypto check” to address the United States’ staggering $35 trillion national debt. In a recent interview with Fox News’ Maria Bartiromo, Trump hinted at Bitcoin’s potential role in solving the national debt, saying, “Who knows, maybe we’ll pay off our $35 trillion debt.” [national debt]”Let’s give them a little crypto check, right? We’ll give them some Bitcoin and wipe out $35 trillion of our debt.”

The backdrop for Trump’s proposal is the continued devaluation of the US dollar as the government prints more money to cover existing debts. This practice has led to a steady increase in Bitcoin’s value relative to fiat currency. To put the national debt in perspective, it took the US nearly 200 years to accumulate $1 trillion in debt, a figure that is now being added to every three months due to deficit spending.

In June alone, about 76% of all income tax revenue was devoted to paying interest on this debt, making it one of the largest expenditures in the U.S. fiscal budget. Some see Bitcoin, with its limited supply, as a solution to this problem.

Robert F. Kennedy Jr., an independent presidential candidate, echoed this sentiment. He suggested that creating a Bitcoin reserve could help the government manage the national debt because Bitcoin’s value increases over time.

Recently, Senator Cynthia Lummis introduced a bill to create a Bitcoin strategic reserve in the United States. Her proposal aims to offset the negative effects of excessive money printing and maintain the financial dominance of the United States in global markets and trade. The Wyoming Senator envisions the US Treasury Department acquiring 5% of the total supply of Bitcoin and holding onto this decentralized asset for at least 20 years.