Trump Mulls Bitcoin to Tackle $35T National Debt Burden

Trump eyes Bitcoin gambit to defuse $35T debt bomb, all the while vowing U.S. crypto supremacy if elected.

Donald Trump standing on top of the world in peoples palms. Holding the USA flag in hand. Bitcoins in background.
Created by Kornelija Poderskytė from DailyCoin
  • U.S. national debt is continuing to spiral out of control.
  • Donald Trump is reportedly considering a Bitcoin strategy to reduce US national debt.
  • The Republican party is pitching itself as the pro-crypto party ahead of the election.

The U.S. national debt has spiraled out of control, approaching an astonishing $35 trillion. With the debt rising at an alarming rate of around $1 trillion every 100 days, fears are mounting about the long-term sustainability of the government’s finances and the country’s economic stability. 

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With no easy solution in sight, presidential hopeful Donald Trump is reportedly exploring an unconventional approach to the national debt problem, adopting a Bitcoin strategy.

U.S. Bitcoin Strategy in the Works?

According to David Bailey, CEO of Bitcoin Magazine and cryptocurrency advisor for the Trump campaign, the former president is considering adopting a Bitcoin strategy to combat the rising national debt. 

While specific details were not provided on what form this strategy could take, tech pioneer Kyle Chassé stated that the Bitcoin Magazine team is currently “formulating a Bitcoin-friendly and cryptocurrency-friendly policy” to advise Trump on the matter.

No G7 country currently has an official, overt digital asset policy that actively promotes cryptocurrency adoption and state-level integration.

State-level integration of digital assets can take many forms, including holding crypto assets and participating in potential future price appreciation, operating proof-of-work mining facilities, and even establishing cryptocurrency as legal tender, as in El Salvador.

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Trump’s reported willingness to explore unconventional crypto policies has rapidly elevated digital assets into a major political topic.

Trump Endorses BTC 

Recent weeks have seen crypto rapidly emerge as a political hot-button issue, with Trump actively courting digital asset holders ahead of the election. Throughout this period, the former president has painted the Republican party as the crypto-friendly choice to galvanize support within the industry and surrounding communities.

This political posturing was on full display this week when Trump declared on Truth Social that he is “positive and open-minded to cryptocurrency companies,” and intends to make the U.S. the global leader in this field. 

His election campaign trail rhetoric has mirrored these pro-crypto sentiments, with Trump recently vowing to protect self-custody rights while taking shots at critics like “Elizabeth Warren and her goons” for attacking Bitcoin.

On the Flipside

  • Political parties often make campaign pledges only to U-turn after being elected.
  • A country with a high national debt has less to invest in its future, suffers from reduced business investment, and faces an erosion of confidence in the national currency.
  • The majority of people are skeptical of cryptocurrency, making a Bitcoin-friendly pledge highly unorthodox.

Why This Matters

Trump’s potential embrace of Bitcoin to tackle national debt represents a significant political and economic gamble. However, with no quick fixes in sight, the radical use of digital assets might be the least painful solution.

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Samuel Wan

Samuel Wan is a finance professional turned crypto journalist, known for his insightful reporting on market trends, regulatory changes, and technological developments within the digital asset industry. His ability to simplify complex concepts and report the facts has made him a trusted source in the crypto community. Beyond his writing, Samuel is an active mountain biker and gamer.