Former President Donald Trump suggested using Bitcoin to eliminate the United States’ $35 trillion national debt.
The U.S. national debt continues to rise, and the Republican presidential nominee has a bold idea to address the issue: Giving Bitcoin
to China to pay off U.S. debt.
“Crypto is a very interesting thing. It’s very high-level in certain ways, intellectually very high-level. But if we don’t do it, China’s gonna do it… maybe we’ll pay off our $35 trillion debt, hand them a little crypto check, right?” Trump said to Fox News’s Maria Bartiromo. “We’ll hand them a little Bitcoin and wipe out our 35 trillion.”
This bold proposal will spark widespread discussion in the crypto space, but the feasibility of using crypto to mitigate the country’s financial debt does not come without its set of challenges.
The United States government currently holds 210,392 Bitcoin, which is currently worth $13.3 billion, making the country one of the largest holders of the coin.
At the time of writing, Bitcoin is trading near $63,000.