Donald Trump Explores Using Bitcoin to Address the U.S.'s $34.7 Trillion National Debt

Donald Trump Explores Using Bitcoin to Address the U.S.'s $34.7 Trillion National Debt
Photo by Towfiqu barbhuiya / Unsplash

Former U.S. President Donald Trump has shown interest in an unconventional method to manage the country's soaring national debt, which currently stands at $34.7 trillion. During a recent online event called the Orange Party hosted on the social media platform X (formerly known as Twitter), Trump queried the CEO of Bitcoin Magazine about the feasibility of using Bitcoin, the foremost cryptocurrency, to offset this massive financial burden.

This inquiry was made public by David Bailey, the CEO of Bitcoin Magazine, who recounted their conversation during the event. Trump's question centered on whether Bitcoin could potentially be a viable solution for repaying or mitigating the national debt. According to Bailey, while he had some ideas on the matter, he was not prepared to provide a definitive answer immediately and did not elaborate whether they further discussed this idea.

Bailey, a vocal supporter of Trump, has been actively involved with the former president's pre-election campaign. His team at Bitcoin Magazine proposed a pro-cryptocurrency agenda to Trump, suggesting the signing of an executive order aimed at supporting the digital asset industry. This initiative reflects a broader strategy to integrate cryptocurrencies into national economic strategies, potentially transforming the regulatory landscape for digital assets in the U.S.

Moreover, in May 2024, Bailey openly discussed his collaboration with Trump’s campaign team, highlighting their shared vision for the future of cryptocurrency in America. This partnership underscores a significant shift in political attitudes towards digital assets, pivoting towards a more inclusive and supportive government stance under a potential new Trump administration.

Trump has also expressed intentions to pardon Ross Ulbricht, the founder of the infamous darknet marketplace Silk Road, if he returns to office. Ulbricht is currently serving two life sentences plus 40 years for drug trafficking and money laundering. This move aligns with Trump’s broader critique of current President Joseph Biden’s approach to the digital asset sector. Trump accuses Biden of attempting to undermine the industry, contrasting his own supportive stance that aims to position the U.S. as a leader in the global cryptocurrency market.

Recently, Trump reiterated his support for the crypto industry on the social media platform Truth Social, advocating for the U.S. to take a leading role in the sector. He stressed that the U.S. should "give the green light" to market representatives, thereby fostering an environment conducive to innovation and growth in digital assets.

These developments come as Trump’s personal investments in crypto assets have reportedly exceeded $10 million, indicating his deep financial and strategic interest in the industry. As the national dialogue around cryptocurrencies continues to evolve, Trump’s engagement with figures like Bailey and his proactive stance on crypto regulations could play a pivotal role in shaping the future economic and regulatory landscape of the United States.