Bitcoin

President Donald Trump

Trump has proposed using Bitcoin to tackle the US’s $35 trillion national debt. However, critics question the feasibility of this approach, arguing that it could destabilize the market. Additionally, Trump’s electoral chances in the November elections have dropped to 54% from a 72% peak on Polymarket.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/0196b6ccf8e9439c97e6dd403c101c7e.png" />Former US President and Republican candidate Donald Trump continues to champion Bitcoin as he campaigns for re-election this November. In a recent statement, Trump suggested that Bitcoin could be instrumental in addressing the <a href="https://cryptosheadlines.com/gemini-a-cryptocurrency-exchange-is-set-to-introduce-a-derivatives-platform-in-international-markets-outside-of-the-united-states/" rel="noopener noreferrer nofollow">United States’</a> substantial national debt.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/7e526c1d584244b1af89acb510c2fa16.png" /><h3 id="trump-suggests-bitcoin-could-eliminate-us-debt">Trump Suggests Bitcoin Could Eliminate US Debt</h3>In an interview with Fox News’ Maria Bartiromo, Trump implied that Bitcoin could potentially eliminate the US’s $35 trillion foreign debt. He argued that this digital asset, if adopted and supported effectively, could benefit the nation. “Who knows? Maybe we’ll pay off our $35 trillion dollars, hand them a little crypto check, right? We’ll hand them a little bitcoin and wipe out our $35 trillion,” Trump stated.The US national debt has been a major topic of discussion, especially since surpassing $35 trillion. According to market analysis platform Kobeissi Letter, the US has accumulated approximately $12 trillion in federal debt since 2020. The current deficit spending as a percentage of GDP is now at levels seen during World War II.“In other words, the US has added around $280 billion in federal debt each month since January 2020. This equates to about $105,000 in federal debt per person in the country,” the firm noted.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/ad889752689e48fe9a86d24fbdcb9a4a.webp" />US National Debt. Source: <a href="https://x.com/KobeissiLetter/status/1818050246242365893" rel="noopener noreferrer nofollow">Kobeissi Letter</a><a href="https://cryptosheadlines.com/hidden-gems-altcoins-with-the-potential-to-skyrocket-this-year/" rel="noopener noreferrer nofollow">Also Read: Hidden Gems: Altcoins with the Potential to Skyrocket This Year</a><h3 id="trump-s-bitcoin-debt-solution-faces-skepticism">Trump’s Bitcoin Debt Solution Faces Skepticism</h3>The idea of using Bitcoin to reduce national debt is not entirely new. It aligns with the Bitcoin Act <a href="https://cryptosheadlines.com/us-senators-introduce-ai-bills-promoting-transparency-and-innovation/" rel="noopener noreferrer nofollow">bill introduced by Senator</a> Cynthia Lummis, which proposes creating a strategic Bitcoin reserve and authorizing the US Treasury to acquire 1 million BTC over five years.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/7e526c1d584244b1af89acb510c2fa16.png" />Crypto enthusiasts like David Bailey, CEO of Bitcoin Magazine, support this concept. Bailey believes Bitcoin could address the US national debt within a few epochs. However, financial experts remain doubtful. They argue that Bitcoin’s market capitalization would need to surpass $35 trillion to make this feasible. One investor noted, “Selling off 35 TRILLION dollars worth of Bitcoin would collapse the market and cause BTC to drop to $0. And… this would require China and other countries to even WANT Bitcoin as a debt repayment… do people not know how the world works?”Trump’s comments follow his keynote speech at the Bitcoin 2024 conference in Nashville, where he advocated for a more significant role for digital assets in the US economy. His speech underscored his growing interest in the crypto sector and its potential benefits.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/c61f7027b4df4a81bf5874425646a92c.webp" />Donald Trump’s Election Odds. Source: <a href="https://x.com/Polymarket/status/1819063111799730642" rel="noopener noreferrer nofollow">Polymarket</a>This debate comes amid a decline in Trump’s chances of winning the presidential election, which have dropped to 54% from a peak of 72% in July. His main rival, Vice President <a href="https://cryptosheadlines.com/kamala-harris-meme-coin-soars-after-joe-bidens-departure/" rel="noopener noreferrer nofollow">Kamala Harris</a>, has gained traction and recently secured her first major crypto executive endorsement from Uphold’s co-founder, J.P. Theriot.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/f3451abe81f144debf66f0b54cbd7e94.png" />Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.Join Cryptos Headlines <a href="https://linktr.ee/cryptosheadlines.com" rel="noopener noreferrer nofollow">Community</a>Follow Cryptos Headlines on <a href="https://news.google.com/publications/CAAqBwgKMLz3-wowvuzoAg" rel="noopener noreferrer nofollow">Google News</a>

Trump’s Bitcoin Plan for $35T US Debt Faces Doubts

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