Former President Donald Trump has suggested that Bitcoin could be an important tool in tackling the United States’ rapidly growing national debt, which officially reached $35 trillion as of July 31.
In an interview on Fox News on August 2, Trump proposed an unconventional approach, hinting at the possibility of using the flagship crypto to alleviate debt.
He mused:
“Who knows, maybe we’ll pay off our $35 trillion and hand them a little crypto check, right? We give them a little Bitcoin and destroy our $35 trillion.”
Trump’s comments follow his keynote speech at the Bitcoin2024 conference in Nashville last weekend, where he called for a more prominent role for digital assets in the US economy. His appearance at the conference reinforced his growing interest in the crypto sector and his belief in its potential to benefit the US.
The idea of using Bitcoin to reduce the US national debt is also a central part of the new Bitcoin Act bill introduced by Senator Cynthia Lummis.
‘Bigger than countries’
During the Fox interview, Trump highlighted Bitcoin’s growing global significance as its market capitalization approaches that of silver. He noted that in just over a decade, the flagship crypto has become “bigger than any company in the world.”
Trump further emphasized Bitcoin’s massive scale and economic impact, noting:
“I mean, if you look at the market, it’s bigger than a lot of countries. It’s something very big.”
He further emphasized the strategic importance of embracing cryptocurrencies such as Bitcoin. He warned that if the US fails to take the lead in this area, other countries, especially China, will dominate the market.
Adoption is inevitable
According to Trump, countries will inevitably adopt Bitcoin, and the US must ensure that Bitcoin leads the way. He added:
“If we don’t embrace it, other countries will embrace it. Other countries will certainly do so. But we can be the leader, and we might as well be the leader.”
He emphasized the importance of the US taking a leading role in the crypto industry. He pointed out that the US has the necessary talent and resources to lead in this area and warned that other countries would seize the opportunity if America does not.
The former president also criticized the Biden administration’s approach to crypto regulation, suggesting it lacks the necessary insight to effectively manage the sector. He argued that the current loose regulatory framework has been a factor in crypto’s rapid growth and success, a dynamic he believes must be preserved.
Trump’s comments come amid ongoing debates over the future of crypto regulation and the role of digital assets in the global economy. As the discussion continues, his statements highlight the potential for a significant shift in the U.S. approach to crypto, with implications for both national policy and the international financial landscape.
Bitcoin Market Data
At the time of printing 00:48 UTC on August 3, 2024Bitcoin is number 1 in terms of market capitalization and so is its price down 5.79% in the last 24 hours. Bitcoin has a market capitalization of $1.21 trillion with a 24-hour trading volume of $43.05 billion. Learn more about Bitcoin ›
Summary of the crypto market
At the time of printing 00:48 UTC on August 3, 2024the total crypto market is valued at € $2.19 trillion with a 24-hour volume of $91.68 billion. Bitcoin’s dominance currently stands at 55.37%. Learn more about the crypto market ›