Former President Trump Proposes Bitcoin for $35 Trillion U.S. Debt Crisis
Former President Donald Trump has suggested using Bitcoin or a “crypto check” to address the United States’ staggering $35 trillion national debt.
During an interview on Fox News, Trump, the Republican Party’s 2024 presidential nominee, praised the crypto industry and warned that America must innovate in the digital asset space to keep pace with other countries.
He even highlighted the potential role of Bitcoin in resolving the national debt crisis.
“Who knows, maybe we’ll pay off our $35 trillion dollar [national debt], hand them a little crypto check, right? We’ll hand them a little Bitcoin and wipe away our $35 trillion,” he stated.
The former president’s proposal comes at a time when the US government is facing significant challenges due to its mounting debt.
The continuous devaluation of the dollar, driven by excessive currency printing to service outstanding debts, has contributed to Bitcoin’s rising value relative to fiat currency.
To illustrate the gravity of the situation, it took around 200 years for the US national debt to reach $1 trillion.
Today, the same amount is added to the debt approximately every three months due to deficit spending.
In June, about 76% of all income tax revenue was used to pay interest on the debt, making it one of the largest expenses in the US fiscal budget.
Bitcoin, with its supply-capped nature, could potentially siphon value from the current US dollar system, thereby averting a full-blown currency collapse similar to the Weimar Republic in the early 20th century.
Here’s the FULL clip of Trump saying we’ll pay off the National Debt with Bitcoin. It gives a little more context.
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