Donald Trump’s Bitcoin Strategy for US $35 Trillion Debt Faces Skepticism 💬

Former President and Republican candidate Donald Trump has suggested that Bitcoin could help address the United States' $35 trillion national debt. During an interview with Fox News, Trump implied that leveraging this digital asset could benefit the nation, though experts remain skeptical. The US national debt recently surpassed $35 trillion, with around $12 trillion accumulated since 2020. The idea resonates with Senator Cynthia Lummis's Bitcoin Act bill, which proposes creating a strategic Bitcoin reserve. Crypto enthusiasts, like the CEO of Bitcoin Magazine, support this concept but acknowledge the challenges, such as Bitcoin's market capitalization needing to surpass $35 trillion. Financial experts argue that selling off $35 trillion worth of Bitcoin could collapse the market and question whether foreign countries would even accept Bitcoin for debt repayment. Trump's comments come on the heels of his keynote speech at the Bitcoin 2024 conference, signaling his growing interest in digital assets. This discussion emerges as Trump's presidential election odds decline, with his main rival, Vice President Kamala Harris, gaining momentum and securing crypto industry endorsements.