In a bold move, Donald Trump has proposed utilizing Bitcoin to address the staggering $35 trillion U.S. debt. Advocating for American leadership in cryptocurrency, Trump believes that leveraging Bitcoin could provide a unique solution.
With support from key figures like Senator Cynthia Lummis, the idea is gaining traction. Explore how this unconventional approach might reshape economic strategies and the cryptocurrency landscape.
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Trump Advocates for U.S. Leadership in Cryptocurrency
Donald Trump, the Republican presidential candidate, suggested using Bitcoin (BTC) for U.S. debt repayment during an interview with "FOX Business" aired on August 2, 2024.
In this interview, Trump reiterated his stance from the Bitcoin Conference held last month, stating, "If the U.S. doesn't take the lead, China and other countries will, so the U.S. should be at the forefront of cryptocurrency."
He further emphasized that the cryptocurrency industry comprises very smart individuals who love the U.S. He expressed the belief that leveraging cryptocurrencies like Bitcoin could help solve the $35 trillion debt issue.
There are very smart people in the cryptocurrency industry who love our country. Maybe, by handing out some cryptocurrency checks, we could repay the $35 trillion debt. By giving a bit of Bitcoin, we can wipe out the $35 trillion debt.
Legislative Support from Republican Senator Cynthia Lummis
The idea of using Bitcoin for debt repayment has also been proposed by Republican Senator Cynthia Lummis.
She introduced a bill advocating for a strategic Bitcoin reserve for the U.S., suggesting the purchase of 1 million BTC, equivalent to 5% of the Bitcoin supply, over five years and holding it for at least 20 years.
The goal of this bill is to reduce U.S. debt, with the expectation that adopting a Bitcoin reserve could halve the national debt by 2045.
While the interview did not delve into specific plans for debt repayment using Bitcoin, Trump did discuss leading the world in Bitcoin mining. This has raised hopes within the cryptocurrency industry regarding potential policies from Trump and his administration.
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