US President Donald Trump recently stated that cryptocurrencies could be used to alleviate the ballooning US national debt, which has recently exceeded $38 trillion. Trump’s statement has triggered a global conversation about the role of digital assets, especially Bitcoin (BTC), in addressing the US’s debt crisis.

Can Bitcoin Be Used To Clear The US’ National Debt?

Speaking at a private conference, Trump said that crypto “has got a great future.” He hinted that maybe the US could pay off the $35 trillion debt in crypto. The president said:

I’ll write on a little piece of paper, $35 trillion in crypto – we have no debt. That’s what I like.

It should be noted that this is not the first time that Trump has alluded to the idea of using digital assets to wipe out the inflating American debt. In fact, Trump has been on record multiple times saying that his administration could use BTC to “save America.” 

This begs the question, how high will Bitcoin actually need to be to pay off the US’ national debt. Asset manager Fidelity has performed some calculations to arrive at an approximate BTC price that could, theoretically, do the trick.

According to calculations based on Treasury data and blockchain supply metrics, BTC’s circulating supply of 19.93 million BTC would need to increase significantly in value to pay off the massive $38 trillion debt.

Mathematically speaking, by dividing the US’s $38 billion in national debt by 19.93 million supply, one Bitcoin w

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Author: Ash Tiwari