In an interview with Maria Bartiromo from Fox Business on August 2, Donald Trump shared his views on the cryptocurrency industry, praising the role of Bitcoin and suggesting that the United States could solve the country’s massive $35 trillion debt using Bitcoin, thereby preventing a looming debt crisis.
A clip from the interview has been gaining attention on social media platform X (formerly known as Twitter). In the video, Trump can be heard saying:
“Crypto is a very interesting thing. Very high-level in certain ways, intellectually very high-level. But if we don’t do it, China’s going to do it. China’s going to do it anyway. But if we don’t do it, China’s doing it. China is already doing it, and if we don’t do it, other countries are going to do it. So we might as well be at the forefront. And there are people in crypto that are very, very smart people who do love our country, and they think it’s– they think it’s good. 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 is helping the crypto community grow 🚀 https://t.co/VibBOnGTvq
— CoinMinutes (@coinminutesnews) August 3, 2024
This bold proposal by Donald Trump is sparking widespread discussion in the cryptocurrency space, but utilizing cryptocurrencies to address the country’s substantial financial debt presents several challenges.
In June, approximately 76% of total income tax revenue was used to pay interest on that debt, making interest payments one of the largest items in the U.S. financial budget.
Bitcoin could potentially address this issue by gradually shifting value from the current U.S. dollar system into a digital asset with a limited supply, preventing the complete collapse of the currency.
Trump’s support for cryptocurrency, particularly Bitcoin, has been evident throughout his re-election campaign. In his speech at the Nashville conference, he also outlined his vision for the U.S. to become a Bitcoin superpower. He promised to establish a strategic national Bitcoin reserve fund from the Bitcoin seized by the U.S. government.
