Trump touts Bitcoin’s potential to ‘wipe out’ US national debt, says its ‘a very big thing’

Former President Donald Trump has suggested that Bitcoin could be a key tool in addressing the United States’ burgeoning national debt, which has officially hit $35 trillion as of July 31.

In an interview on Fox News on Aug. 2, Trump proposed an unconventional approach, hinting at the possibility of utilizing the flagship crypto to mitigate the debt.

He mused:

“Who knows, maybe we’ll pay off our $35 trillion, hand them a little crypto check, right? We’ll hand them a little Bitcoin and wipe out our $35 trillion.”

Trump’s comments come on the heels of his keynote speech at the Bitcoin2024 conference in Nashville last weekend, where he advocated for a more prominent role for digital assets in the American economy. His appearance at the conference cemented his growing interest in the crypto sector and his belief in its potential to benefit the US.

The idea of using Bitcoin to reduce America’s national debt is also a central part of the new Bitcoin Act bill introduced by Senator Cynthia Lummis.

‘Bigger than countries’

During the Fox interview, Trump emphasized Bitcoin’s growing global significance as its market cap approaches that of silver. He noted that the flagship crypto has become “bigger than any company in the world” in a little over a decade.

Trump further highlighted Bitcoin’s vast scale and economic impact, noting:

“I mean, if you look at the market, it’s bigger than many countries. It’s a very big thing.”

He further emphasized the strategic importance of embracing cryptocurrencies like Bitcoin. He warned that if the US fails to lead in this area, other nations, particularly China, will dominate the market.

Adoption is inevitable

According to Trump, countries will inevitably adopt Bitcoin, and the US needs to ensure it leads in that regard. He added:

“If we don’t embrace it, other countries are going to embrace it. Other countries will anyway. But we can be the leader, and we might as well be the leader.”

He stressed the importance of the US taking a leadership role in the crypto industry. He pointed out that the US has the necessary talent and resources to lead in this space and warned that other countries would seize the opportunity if America does not.

The former President also criticized the Biden administration’s approach to crypto regulation, suggesting that it lacks the necessary understanding to manage the sector effectively. He argued that the current loose regulatory framework has been a factor in the rapid growth and success of crypto, a dynamic he believes should be maintained.

Trump’s comments come amid ongoing debates over the future of crypto regulation and the role of digital assets in the global economy. As the discussion continues, his statements highlight the potential for a significant shift in the US approach to crypto, with implications for both national policy and the international financial landscape.

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