Topic: Trump suggests paying off the US national debt with Bitcoin (Read 405 times)

Don't you think it if were possible to significantly increase the US oil production, the current government would have done it already so that the senile man doesn't have to end up printing $1 trillion every 100 days?

I am not an expert in the field and I have only done a small research but I can say that the production can not be increased significantly enough to make a difference. After all we are talking about at least 5 million barrels per day.

Another thing to consider is that US oil supplies are running out. Correct me if I'm wrong but with this rate of consumption of oil reserves US will only have oil for 4.9 years.
Something you may not know about oil is that as we tap into the source and start "drilling" the levels go down. As the source is depleted, it becomes harder to extract more. Again I'm no expert but in the next 4-5 years the US oil production should fall down and there is nothing anybody can do about it.

It is impossible to earn $35 trillion national debt using Bitcoin!
The only thing that is going to happen by centralizing mining in USA is that the US regime will force censorship on bitcoin miners (OFAC and a lot of other things) and would effectively damage Bitcoin to the point that it could get dumped.

The most possible outcome is that he "orders" Putin to pull out of Ukraine and end his occupation to end the conflict that way and Putin will show him his middle finger. Then he will send certain weapons to Ukraine, like longer range missiles that would hit Russian infrastructure like their oil facilities that would shoot the oil price to the moon worsening the economy and then Russia retaliates with a nuclear strike and human race ends as the idiots on the two side of the earth launch their nukes at each other...

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Seriously guys, I know you want to advertise your candidate but be realistic. For example how the hell is he going to end the Russian invasion? Will Ukrainians accept their soil to be part of Russia? That is majority of their industries, water supply (river) for agriculture, and strategic geography giving them access to the Black Sea? If they are, why the hell aren't they doing it NOW to end the war today and end the casualties? We already know Russia is not going to give those places up and go out. If the "force" against Russia grows they'll just nuke USA. So I ask again, how the hell is he going to solve that issue?

Harris is going to win and then you are going to tell us why this means there's going to be a new bull run for Bitcoin because of her win. That's my prediction .

Exactly. There's a high chance crypto will turn bullish during a second Trump presidency. Even energy prices will decline. Trump himself promised the US will boost oil production if he wins the White House again ("Drill baby, drill"). And if he goes ahead with his plan of establishing a BTC national reserve, the country will position itself as the world's leading crypto hub. It can use the profit earned from sales (or mining in-house) to pay off the national debt.

If Americans want the economy to start booming again, they should vote for Trump. You can see the chaos that came along with this administration. Unnecessary wars, rising inflation, a plunging stock market, all happened after Biden became president. The world needs peace and economic prosperity. Even Trump promised the Russo-Ukraine conflict will end within 24 hours. Hopefully, there will be a bright future ahead for America after Republicans take control of the WH and both chambers of Congress. Perhaps, BTC is set for a massive bull run?

Trump has once suggested that it was wrong to sell Bitcoin in the US coffers. He wants to also make the US the crypto capital of the world by reducing regulations and promoting Bitcoin mining. There are also indications that he wants the US government to keep buying and holding Bitcoin. His position of paying US debt with Bitcoin might not necessarily mean paying their creditors with the coin. But to pay the debts from the profit the government has made from buying and holding Bitcoin for a long time. However, Trump is just politicking because he knows nothing about Bitcoin.

Bitcoin has the potential to get a very high price but I doubt if it can get to this price anytime soon. Some of us will not be alive to see the price get to that amount. So, Trump is just daydreaming if he is assuming that the price will get to that price for him to clear US debt.

Trump is definitely the way to go if we want crypto to prosper. Democrats are anti-freedom and anti-crypto. The world can’t afford to have another 4 years with a communist US president.

The most important thing Trump promised isn’t less regulations on crypto. It is cheap energy. High energy prices are raising the prices on goods and under Biden’s watch energy prices rose sharply.

Between the two candidates in this election, I would lean towards Trump because I hope he will bring something new to the crypto industry with lighter regulations than the current administration. But I will not deny that Trump is making ridiculous claims and showing his ignorance about bitcoin, he was more like a newbie getting used to it than having a basic knowledge of it.

This idea is nonsense because as pooya87 said below, the US government's debt has exceeded its ability to repay. There is no way they can repay that debt and it won't stop at $35 trillion.
We can support him, but we should not be so fanatical and worshipful that we cannot distinguish between what is real and what is imaginary.

Welcome to democracy, the American version

That is how they win elections. They look around to see what major issues people are concerned about, then they give them some pretty promises which they will never keep just to get their votes. They win the elections and it is all forgotten and the corruption begins.

US National Debt is a major issue. There is nothing anybody can do about it anymore because it has crossed that point of no return thing. And yet they give you promises you'd like even most outrageous ones like this which is hitting two birds with one stone.

P.S. He is entirely lying though. During his presidency there are some evidence that suggests US government got into the crypto market (before and during COVID recession) and started some pump and dumps trying to make some money that way...

As usual, Trump is talking nonsense deranged stuff. Dude is an imbecile. He relies on the stupidity of the human race to get any support at all.

No way US could ever pay off its debt with Bitcoin without intentionally devaluing the dollar a huge amount all at once which would destroy the economy for a long time, perhaps permanently. Also even if Bitcoin was ever so valuable that it could pay down the debt (which it won't ever be), would the US want to simply give away all that wealth?? That would be giving up a huge source of wealth of the US govt. If US could ever own an amount of Bitcoin that could pay off the debt that would make it pretty much the most valuable resource the US has, so why would the US then give that all away?!

As he does every day, Trump is showing his intelligence level to be at absolute zero. He just says whatever insane thing comes into his head. He deserves to be either behind bars or in a padded cell.

I doubt he will do that when he becomes president, because when you use Bitcoin to pay off the national debt, it will make Bitcoin legal tender in the US, and that means the US government will directly allow transactions and payments of debts using Bitcoin. This will certainly be quite difficult to realize, because so far the US has been very protective of their US Dollar and they will not allow other assets to be used to replace the function of the US Dollar. So most likely what Trump said was nothing more than just political words, there is no need to take it too seriously.

You are fairly alone in this assessment here, I think .

The idea is great. But not possible right now. Especially when the national debt is insanely high. The US has only one option: default on its debt to build a BTC reserve of its own. I can imagine the negative impact a US default would have worldwide, but this would only last for a short amount of time. Long-term speaking, the US will get back on track. I mean if Trump is serious of building a BTC reserve. At least, he has better proposals for the crypto industry than Kamala Harris.

In fact, Harris didn't propose anything. She didn't even attend this year's Bitcoin conference. Only Trump and RFK Jr. did. Crypto voters know which candidate to choose in November. Hopefully, there's a brighter future ahead for the crypto industry in America.

There are not enough crypto to make it ever possible lol. Sounds too stupid

He let it happen. Certain people in the Bitcoin community keep trying to say that Biden is "anti-Bitcoin", or imply that Biden makes the price of Bitcoin go down. That is not supported by the evidence.


Harris will not be any different than Biden. The US did just fine in the last four years. There is no "radical left wing political views" here--that's just BS put out there by Trump's party, the Republicans.


It's absolutely mind-boggling in its stupidity. More mind-boggling, though, is that almost half of the US want to vote for the senile old man who made that statement.

1.Are you suggesting that Joe Biden had any impact over the BTC price going up by 500%? This can't be serious.

2.I know that Trump is a liar and that he doesn't understand anything about Bitcoin/crypto, but is Kamala Harris any better?
AFAIK, Harris has radical left wing political views, which means that she would potentially support higher taxes and more regulations, which is bad for any business in the US, not just the crypto industry.

3.The idea of paying the US national debt with BTC is beyond stupid. I don't even want to discuss such nonsense.

The US already have 200k bitcoins in their vaults. You are not paying attention.

35k bitcoins doesn't seem like a hard goal for the USA to attain. Time will only tell when just 35k coins will be able to pay off 35 trill but imagine if the US did buy like 1 or 2 million coins as a hedge that would be nuts, it would totally drive up the price no doubt but also could affect the volatility of it for sure, I guess we will just have to see what happens there is really not much we can do but watch lol.

At one billion usd/bitcoin, it only takes 35k bitcoins to pay off the US’ debt. Do you think bitcoin can’t reach that price?

Limited supply/Infinite demand theory disagrees.

Most Americans use a broker or app to hold their Bitcoin. The US government can obtain their names and addresses. Simple chain analysis would allow the FBI to track down the rest. Those people could then easily be compelled to hand over their keys.

Or, the US could compel the mining companies to coordinate with them. And/or they could break into the facilities who didn't comply.

Against the whole of the US law enforcement and military complex, individual holders of Bitcoin would have absolutely no chance, even outside the US as the US can exert its influence through foreign policy (and the threat of military intervention) all over the globe.

In short, the US president could switch off Bitcoin in an instant if he wanted to.

Bitcoin can be used to pay for illegal abortions, they will say, and Trump is going to need to build a massive new police force to stop the millions of abortions that occur in the USA every year. That alone will give Trump a pretext for ending Bitcoin and using his own coin instead.

He's just drawing attention to him, in order for the U.S to pay its national debt, they need to actually have the $35 trillion, what does Bitcoin has to do with it? It's nothing more than a mere attempt to attract people who are completely ignorant with technology and cryptocurrencies, and make them believe that such a thing is even remotely possible; he's praying on the illiterate and poor.

A few years ago he was against cryptocurrencies but now he's willing to go all in and pay the U.S debt, like that means anything or is even possible. All countries have debt and it doesn't necessarily matter, let alone U.S.A, no one is going to ask them to pay their debts.

Similar to you, I would probably vote for Trump rather than any of the Democratic candidates because nearly all of them are more hostile to crypto than friendly to it. But I also disagree with Trump's exaggerated statement, he is saying things that cannot happen. Trump campaign advisers should review these exaggerated claims because experienced investors would not be naive enough to believe such vague claims.

But from these it can be seen that he is keen to win the support of crypto investors, he appreciates the votes coming from the crypto community. This is in complete contrast to the democratic party as they do not seem to care about the wishes of crypto investors.