Former President Donald Trump has stirred up quite a conversation by suggesting that the United States could use crypto to pay off its enormous $35 trillion debt.
But what does this mean, and how could it work? Let’s break it down in simple terms.
Trump Suggests Crypto Could Help Pay Off $35 Trillion US Debt
First, let’s talk about what the $35 trillion debt is. When we say “debt,” it means the money the U.S. government owes to others, like other countries, companies, and even people. To put it in perspective, right now, the total marketcap of the crypto market is just $2.32 trillion.
So, Trump believes that using the reserves of Bitcoin that the US government owns, could be a solution to help pay off this debt. According to Arkham, the US gov owns 203k BTC. So, Trump thinks that if the U.S. invested wisely in crypto, it could potentially raise enough money to chip away at that massive debt.
BREAKING: 🇺🇸 Donald Trump says, “I think crypto has got a great future. Maybe we will pay off the $35 trillion” with it. pic.twitter.com/R5k4FU3Nah
— Bitcoin Magazine (@BitcoinMagazine) September 23, 2024
While Trump’s idea is bold, many people have different opinions about using crypto to pay off the debt. Some experts believe it could be a smart move, while others worry about the risks involved. It’s important to remember that paying off such a huge debt will take time and careful planning.
More About Bitcoin & Trump
Former President Donald Trump made headlines by paying his tab at a New York City bar using Bitcoin, marking the first time a U.S. president has publicly used cryptocurrency.
🔥🚨BREAKING: President Trump just paid his tab in a NYC bar using Bitcoin making this the first public crypto transaction by a president. pic.twitter.com/Df5PWFSsfR
— Dom Lucre | Breaker of Narratives (@dom_lucre) September 18, 2024
Trump, known for his recent shift toward supporting digital currencies, completed the transaction at PubKey, a crypto-friendly bar. This historic moment signals Trump’s growing interest in Bitcoin and showcases his willingness to embrace the evolving world of digital payments.
Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.
