{"id":18789,"date":"2024-11-21T11:44:05","date_gmt":"2024-11-21T09:44:05","guid":{"rendered":"https:\/\/forklog.com\/en\/expert-questions-bitcoins-role-in-solving-us-national-debt\/"},"modified":"2024-11-21T11:44:05","modified_gmt":"2024-11-21T09:44:05","slug":"expert-questions-bitcoins-role-in-solving-us-national-debt","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/expert-questions-bitcoins-role-in-solving-us-national-debt\/","title":{"rendered":"Expert Questions Bitcoin&#8217;s Role in Solving US National Debt"},"content":{"rendered":"<p>The notion that Bitcoin could eliminate the US national debt is an &#8220;exaggeration&#8221; of the cryptocurrency&#8217;s capabilities, according to Avik Roy, president of the Foundation for Research on Equal Opportunity, as reported by <a href=\"https:\/\/cointelegraph.com\/news\/bitcoin-cannot-solve-americas-debt-problem-on-its-own\">Cointelegraph<\/a>.<\/p>\n<p>The expert was responding to an initiative by Senator Cynthia Lummis, who proposed a bill suggesting the purchase of 1 million BTC (no more than 200,000 BTC per year over five years) using the gold reserves of the <span data-descr=\"Federal Reserve System of the USA\" class=\"old_tooltip\">Federal Reserve<\/span>.<\/p>\n<p>In July, Donald Trump <a href=\"https:\/\/u1f987.com\/en\/news\/donald-trump-sees-bitcoin-as-a-solution-to-us-national-debt\">suggested<\/a> using Bitcoin to settle the country&#8217;s obligations to creditors.<\/p>\n<p>According to Roy, the leading cryptocurrency would be powerless against the $35.46 trillion national debt, which has been growing almost exponentially since the 1980s (<a href=\"https:\/\/ru.wikipedia.org\/wiki\/CAGR\" title=\"\">CAGR<\/a> of 5.3%).<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"966\" height=\"1024\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/1-1310-966x1024.png\" alt=\"1-1310\" class=\"wp-image-245799\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/1-1310-966x1024.png 966w, https:\/\/u1f987.com\/wp-content\/uploads\/1-1310-283x300.png 283w, https:\/\/u1f987.com\/wp-content\/uploads\/1-1310-768x815.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/1-1310.png 974w\" sizes=\"auto, (max-width: 966px) 100vw, 966px\" \/><figcaption class=\"wp-element-caption\">Data: US Treasury, Cointelegraph.<\/figcaption><\/figure>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>&#8220;A Bitcoin reserve does not solve the problem. Budgetary reforms will still be necessary to eliminate the $2 trillion annual deficit,&#8221;<\/em> the expert stated.<\/p>\n<\/blockquote>\n<p>The initiative might ease pressure on the bond market, but the US could deplete Bitcoin reserves as it did with gold in the 1970s, Roy noted.<\/p>\n<p>Previously, Galaxy Digital&#8217;s CEO Mike Novogratz predicted a Bitcoin price of $500,000 if a strategic reserve were established in the US.<\/p>\n<p>Earlier, MicroStrategy founder Michael Saylor described a Bitcoin reserve as &#8220;the best deal of the 21st century.&#8221;\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The notion that Bitcoin could eliminate the US national debt is an &#8220;exaggeration&#8221; of the cryptocurrency&#8217;s capabilities, according to Avik Roy, president of the Foundation for Research on Equal Opportunity, as reported by Cointelegraph. The expert was responding to an initiative by Senator Cynthia Lummis, who proposed a bill suggesting the purchase of 1 million [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":18788,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[991,1224,36,26],"class_list":["post-18789","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-donald-trump","tag-macroeconomics","tag-regulation","tag-usa"],"aioseo_notices":[],"amp_enabled":true,"views":"9","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/18789","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=18789"}],"version-history":[{"count":0,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/18789\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/18788"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=18789"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=18789"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=18789"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}