The U.S. national debt, currently at a staggering $34.77 trillion, has become a major concern for the country. In this context, Donald Trump has consulted with the Bitcoin Magazine CEO, wondering if the leading cryptocurrency can help with it.
With a debt per citizen of $103,259 and a debt per taxpayer of $266,952, the situation is alarming. Moreover, the U.S. National Debt to GDP ratio has skyrocketed from 34.59% in 1980 to 122.27% today. Finbold retrieved this data from usdebtclock.org on May 28.
Interestingly, the Bitcoin Magazine posted on X on May 28, reporting the U.S. Treasury Secretary Janet Yellen’s sayings. Yellen warned that higher Federal Reserve interest rates would make it harder to control the National Debt.
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Bitcoin Magazine and Donald Trump
David Bailey, CEO of Bitcoin Magazine and a cryptocurrency aide to the Trump campaign, recently disclosed an intriguing conversation. During their first meeting, the presidential candidate Donald Trump inquired whether Bitcoin (BTC) could be leveraged to solve the national debt problem. Bailey, though unprepared to discuss the topic at the time, hinted at having some ideas.
Colin Wu reported Donald Trump’s interest in Bitcoin as a tool to solve the U.S. National Debt on May 28.
This revelation comes as Bailey and his team have been advising Trump’s campaign to develop a Bitcoin-friendly agenda. They have even presented an executive order focused on cryptocurrencies, which Trump would sign on his first day back in office. Trump, who previously expressed negativity towards Bitcoin, has since changed his stance, stating that his hypothetical upcoming administration would embrace the digital currency.
In a Bitcoin News report, Bailey emphasized the benefits a crypto-friendly administration would bring to the U.S. industry. He announced his team’s intention to raise $100 million to ensure the next President is pro-Bitcoin. However, Bailey clarified that their actions are not in favor of Trump but rather against President Biden’s anti-crypto policies.
The Bitcoin Magazine has been actively posting Donald Trump-related content on X.
As the 2024 presidential election approaches, Bitcoin’s role in shaping the political landscape becomes increasingly evident. With the national debt crisis looming, the question of whether Bitcoin can provide a solution remains open for debate. As the campaign unfolds, the crypto community will undoubtedly be watching closely to see how this issue develops.
