Former US President Donald Trump recently made a bold claim, suggesting that the country could potentially “pay off our debt with Bitcoin.”
In a recent interview, Trump expressed his belief in the potential of the cryptocurrency to address the national debt issue. While Bitcoin has been gaining mainstream acceptance in recent years, using it to pay off the US debt would be a monumental task.
The US national debt currently stands at over $28 trillion, making it the largest in the world. Bitcoin, on the other hand, has a market value of around $1 trillion. This means that even if the US were to convert all its Bitcoin holdings into cash, it would only make a small dent in the overall debt.
It is important to note that the feasibility of using Bitcoin to pay off the national debt is still highly speculative. The cryptocurrency market is known for its volatility, with prices fluctuating greatly in a short period of time. Additionally, the US government has not shown any concrete plans to adopt Bitcoin as a form of payment for its debt.
While Trump’s statement may have sparked some interest in the idea of using Bitcoin to address the national debt, it is unlikely to become a reality any time soon. The discussion around the role of cryptocurrency in global finance continues to evolve, but for now, the US debt will likely need to be addressed through more traditional means.