The United States is facing a severe national debt crisis, with the current debt standing at more than $34.77 trillion.
This means that each U.S. citizen carries a debt burden of over $100,000, while taxpayers owe around $250,000.
Former President, Donald Trump has explored whether Bitcoin could help address the debt problem.
David Bailey, CEO of Bitcoin Magazine, is reportedly advising Trump’s campaign on crypto-friendly policies, and are set to make sure that the next US president is pro-crypto
Some ways Bitcoin can be used to solve the issue include incorporating it as an alternative currency or using it to hedge against inflation.
The United States is currently under a mountain of debt, in what its public officials have repeatedly called a “national debt crisis”.
Per data from the US Debt Clock, the current US debt at the time of writing sits at around $34.77 trillion, which is more than a lot for any single country.
The US debt crisis
But what if there was a solution to this crisis in plain sight?
Against the backdrop of this crushing amount of debt, the former President of the United States has weighed the question:
What if there was a way to solve this problem with Bitcoin?
The former US president consulted with David Bailey, the CEO of Bitcoin Magazine, and in this article, we address the meeting, its outcome, as well as the key role Bitcoin has to play in this fight.
As mentioned earlier, data from the US Debt Clock shows that the US debt currently sits at around $34.7 trillion.
This means that the debt per citizen of this country sits at more than $100,000, with around $250,000 for taxpayers.
The US national debt
Moreover, the federal debt to GDP Ratio in the country has rallied from around 52% in 1960 to 122% at the time of writing, showing that a massive crisis is looming, and there might be a need for "out of the box" thinking.
In a recent meeting between the former US president and Bailey, the CEO of Bitcoin Magazine, Trump asked “Could Bitcoin be leveraged to mitigate the national debt crisis?”
On 28 May, reporter, Colin Wu revealed the outcome of Trump’s question via a tweet, sparking within the crypto community, with experts lending their opinions on how Bitcoin might be used to patch this hole.
Can Bitcoin be used to repair things?
While Bailey has refused to reveal the specifics of how Bitcoin can be used to fix the US debt problem, a few ideas come to mind.
To begin with, Bitcoin can be introduced in some way or form as an alternative currency, which would apply pressure on the US government to manage its finances properly and avoid weakening the dollar further.
Moreover, Bitcoin in itself, is a natural hedging tool against inflation.
The US government might consider incorporating it in some way, to prevent “over the top” money printing, and slow down the national debt.
What could go wrong?
These solutions, by themselves, are not foolproof. However, Bitcoin can (and might eventually be) incorporated in some way or form to solve this issue.
Wu reports that Bailey and his team are currently advising Trump’s campaign on developing a crypto-friendly agenda.
They even went as far as drafting an executive order supporting cryptocurrencies, which Trump has promised to sign if re-elected into office.
In sum, Bailey's team has also announced plans to raise a staggering $100 million in a bid to ensure that the next president of the United States supports crypto, whether it be Trump or otherwise.
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