Trump’s Proposal To Use Bitcoin To Pay $35 Trillion US Debt Met With Mixed Reactions
YEREVAN (CoinChapter.com) — In a recent Fox News interview, former President Donald Trump proposes an unconventional method to tackle the United States’ $35 trillion national debt: using Bitcoin. Trump’s remarks come as the national debt continues to grow rapidly, adding about $1 trillion every 100 days.
Trump Advocates for Bitcoin to Address National Debt
Trump described cryptocurrency as “intellectually very high level” and highlighted its global adoption. He warned that if the US doesn’t embrace digital assets, other countries like China might take the lead.
“Crypto is a very interesting thing. If we don’t do it, China’s going to do it,”
he stated.
The idea aligns with proposals from Republican figures like Wyoming Senator Cynthia Lummis and former House Speaker Paul Ryan. They have suggested that the US government invest in Bitcoin to help manage the national debt. Trump proposed the possibility of issuing a “crypto check” or directly handing over Bitcoin to reduce the debt.
Senator Cynthia Lummis has proposed establishing a Bitcoin reserve in the US. She suggests acquiring 5% of Bitcoin’s total supply to protect against monetary inflation and poor fiscal policies. This would involve holding Bitcoin for at least 20 years.
Mixed Reactions to Trump’s Proposed Plan
Reactions to Trump’s proposal varied. Brooke Harrington, a sociology professor at Dartmouth College, critiqued his comments, referring to him as the “boomerest Boomer ever to boom” for his seemingly out-of-touch remarks.
Progressive journalist Aaron Rupar called Trump’s statement a “word salad,” highlighting the lack of clarity in his explanation.
Social media user Denison Barb added,
“Donald Trump has no idea what Bitcoin even is,”
pointing to confusion around his understanding of the cryptocurrency.
The suggestion comes as the US faces serious fiscal challenges, with debt levels climbing steadily. The concept of using Bitcoin, a decentralized asset, to pay down national debt is gaining attention, though it remains controversial.
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