Donald Trump: Bitcoin Could Help America "Erase" Its Debt
2024 US Presidential Candidate Donald Trump continues to show his support for Bitcoin, commenting that BTC could help America wipe out its $38 trillion debt.
After a highly successful appearance at the Bitcoin 2024 Conference, as well as raising $4 million in donations from the crypto industry, candidate Donald Trump seems to be becoming more and more "pro-Bitcoin".
In a recent interview with FOX Business, Trump shared his new idea that Bitcoin could help America wipe out its debt.
"Who knows, maybe we could pay off the $35 trillion debt?
Let's give them some cryptocurrency, okay? Let's give them some Bitcoin, and wipe out our $35 trillion debt."
This seems more like a joke than a serious statement. Because the total market capitalization of all BTC in circulation is $1.2 trillion. The US government holds about $13 billion of this.
So, even if all the Bitcoin in the market was given to the US, they would not be able to pay off the $35 trillion national debt, at least at the current BTC price.
However, Trump's comments are very similar to a new bill by Senator Cynthia Lummis, proposing that the US invest in BTC to pay off its debt in the long term.
At the Bitcoin 2024 Conference, Ms. Lummis proposed that the US buy 1 million BTC for the national Bitcoin reserve within the next 5 years. She wants the government to hold the purchased BTC in the strategic reserve for at least 20 years, unless it has to sell the coins to serve the purpose of reducing the national debt.
Trump also reaffirmed his support:
“It’s a different form of currency and it will ultimately benefit the country.”
He then went on to say that those involved in cryptocurrencies are “incredibly smart” and that the crypto movement has “a high level of intelligence.” Trump also took a swipe at Biden:
“Biden doesn’t have the intelligence to ‘ban’ Bitcoin, he doesn’t know what the hell it is.”
However, according to the news, Biden has officially withdrawn from the race for the White House, and has voiced his support for Vice President Kamala Harris.
Seemingly learning from her predecessor, Harris’ campaign wants to “heal” the crypto industry, although she has yet to make any official statements expressing her support for BTC.
On the Polymarket betting platform, Harris’ odds of winning have been steadily increasing, while Trump’s odds have been declining from a peak of 72% on the day he won. Trump's "assassination attempt" was a recurring theme in Trump's campaign, as crypto voters increasingly asserted their inescapable status.
Trump concluded:
"If we don't accept Bitcoin, other people will. Bitcoin is a big enough test."
