Economics Expert Dismisses Using Bitcoin to Hold National Debt on C-Span
William Cline, a senior fellow at the Peterson Institute for International Economics, dismissed using bitcoin to address the U.S. debt in response to a caller question on C-Span’s Washington Journal on Monday. Cline talked about information released by the Treasury Department about which foreign countries own the largest amounts of $6 trillion of U.S. Treasury debt. The report showed that the U.S. owed Saudi Arabia $117 billion. Caller Cites Bitcoin’s Benefits. The caller asked if the U.S. has considered using bitcoin to hold some of the national debt, or investing in bitcoin, “because it....
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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 […]
The US national debt is several times greater than the value of all physical cash, and thousands of times the value of Bitcoin. Standing at around $19.5 trillion, the debt accrued by the US federal government amounts to significantly more than the combined value of all the world’s physical cash, gold, silver, and cryptocurrency. Those four combined barely cover two-thirds of the US national debt, leaving the daunting task of debt reduction. Bitcoin is still a small player in the global financial world. Besides the staggering level of US debt, what this fact reveals is how new and minor a....
The modern government-run financial system employs a staggering amount of national debt. The United States’s national debt is fast approaching $18 trillion, with no sign of stopping. This debt, while incurred by the government, ends up being the responsibility of the public to pay it off, or else risk collective financial suicide. However, instead of shouldering this massive burden and having economic progress crushed under its weight, there exists a way to use cryptocurrency to achieve the opposite effect for people: give them equity. Currency control stifles business and innovation.....