Donald Trump said he would make Bitcoin a strategic reserve if he won the election, and now he's going a little further and proposing to use Bitcoin to pay off the US's $35 trillion national debt and prevent a recession.
The debt crisis in the US is growing. The steps taken by the Fed as part of its tightening policy backfired in the US. Recession concerns are eliminating appetite in the markets. And The US adds $1 trillion to its national debt every 100 days. The government's current national debt is $35 trillion. And it is quite remarkable that US presidential candidate Donald Trump has suggested using Bitcoin to pay off the US's $35 trillion national debt and prevent a recession.
This could be a good solution because I think Bitcoin could solve the US national debt problem because it has a limited supply and fits the definition of digital gold. We'll wait and see.
Bitcoin is currently trading at $60,593 and has fallen by 11.54% in a week. Frankly, I did not expect such a decline, but on the other hand, I believe that such declines can be opportunities. Also, I still believe Bitcoin can reach $100K by the end of the year. We'll wait and see.
This is not investment advice, it is just my personal prediction and predictions may not always come true, please do your own research before investing.
