Fun

Trump floats paying off $35T national debt using Bitcoin

News Feed - 2024-08-03 07:08:24

Vince Quill1 hour agoTrump floats paying off $35T national debt using BitcoinThe United States government is adding $1 trillion to the national debt approximately every 100 days, sparking fears of runaway inflation.2114 Total views12 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTCOINTELEGRAPH IN YOUR SOCIAL FEEDFollow ourSubscribe onFormer President Donald Trump recently proposed using Bitcoin (BTC) or a “crypto check” to pay off the United States government"s staggering $35 trillion national debt and avert a looming debt crisis


In an interview with Maria Bartiromo of Fox News, the GOP’s 2024 presidential candidate praised the crypto industry and re-iterated his stance that if America does not innovate on the digital asset front, other countries will. The former president then hinted at the role Bitcoin could play in settling the US national debt:"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."


Trump’s statement is a nod to the power of the supply-capped asset to absorb and transmute US dollar inflation into a new system founded on sound money and blockchain technology.Bitcoin can save the United States from the dark days ahead


As the United States government continues to devalue the dollar by printing more currency to service previous outstanding debts, the price of Bitcoin continues to rise relative to the fiat currency.


To put the ever-growing $35 trillion national debt into perspective, it took roughly 200 years for the US national debt to cross the $1 trillion mark. Today, that same amount is being added to the US national debt approximately every three months due to deficit spending.


Related: RFK Jr: Only Bitcoin can guarantee US dollar’s reserve currency status


During the month of June, roughly 76% of all income tax revenue went to pay the interest on that debt, making interest payments one of the highest line items in the US fiscal budget.


Bitcoin can solve this problem by slowly siphoning the value from the current US dollar system into the supply-capped digital asset, averting a full-blown currency collapse reminiscent of the Weimar Republic in the early 20th Century. As presidential candidate Robert F. Kennedy Jr. recently stated in an interview with Cointelegraph, establishing a Bitcoin reserve could help the government pay off its national debt as the underlying BTC continues to appreciate in value. 


Senator Cynthia Lummis recently introduced a bill to establish a Bitcoin strategic reserve in the United States to counteract the harmful effects of rampant monetary printing and preserve the financial dominance of the United States in global markets and trade.


The Wyoming Senator has set a goal for the United States Treasury to acquire 5% of Bitcoin’s total supply, holding the scarce decentralized asset for at least 20 years as a bulwark against monetary devaluation by the central bank and poor fiscal policy.


Magazine: ‘Bitcoin layer 2s’ aren’t really L2s at all: Here’s why that matters.# Bitcoin# Donald Trump# United Nations# National Debt# RegulationAdd reaction

News Feed

PocketNet Changes Name to Bastyon and Releases Private Messaging App With PKOIN Chat Payments
PocketNet Changes Name to Bastyon and Releases Private Messaging App With PKOIN Chat Payments sponsored Bastyon’s messaging app would include end-to-end encryption, no link t
Exploring the CropBytes Metaverse: A Futuristic Crypto Game With Real Economics and Immersive Graphics
Exploring the CropBytes Metaverse: A Futuristic Crypto Game With Real Economics and Immersive Graphics On January 20th, CropBytes, the four-year-old metaverse farming game, is laun
Bitcoin Bottom Confirmed? Data Shows 87.5% Chance The Worst Is Over
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Survivability in Times of Crisis, Internet Outages and Cyber Warfare – Bastyon Inventor Explains
Survivability in Times of Crisis, Internet Outages and Cyber Warfare - Bastyon Inventor Explains Bastyon is a social platform that combines elements of Youtube, Twitter and Torrent
ECB President Lagarde Warns of ‘Major Disaster’ If US Defaults on Debt Obligations
ECB President Lagarde Warns of ‘Major Disaster’ If US Defaults on Debt Obligations There is a lot of discussion lately about the U.S. government’s debt ceiling and whethe
Bitcoin retail comeback on the cards as Coinbase pierces top-400 apps
William Suberg11 hours agoBitcoin retail comeback on the cards as Coinbase pierces top-400 appsBitcoin exchange app popularity is the latest sign that crypto is seeing a retail renaissance in the US.1980 Total views4 Tot
Marcel Pechman6 hours agoBlackRock has more to lose from a BTC price crash pre-Bitcoin ETFThe argument that BlackRock gains from cheaper Bitcoin for its ETF launch isn’t straightforward, and neither is the idea that th
NFT Sales Stave off Crypto Market Downturn This Week With a Slight Uptick in Volume
NFT Sales Stave off Crypto Market Downturn This Week With a Slight Uptick in Volume Non-fungible token (NFT) sales have managed to stay consistent this week while the crypto econom
Solana Faces Defining Level At $120 – Will History Repeat?
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Kamala Harris to consider Gary Peters as running mate: Report
Vince Quill1 hour agoKamala Harris to consider Gary Peters as running mate: ReportGary Peters joins Gavin Newsom, Pete Buttigieg, JB Pritzker, and Josh Shapiro as potential vice presidential candidates.1643 Total viewsLi
Crypto Facilities Gets FCA Nod to Set up Crypto Futures Venue
Crypto Facilities Gets FCA Nod to Set up Crypto Futures VenueCrypto Facilities, a subsidiary of Kraken cryptocurrency exchange, has obtained a Multilateral Trading Facility (MTF) li
Bitcoin Energy Consumption Is Far More Efficient and Greener Than Today’s Banking System
Bitcoin Energy Consumption Is Far More Efficient and Greener Than Today"s Banking System While bitcoin and a variety of digital currencies have swelled in value,