Bitcoin Forum

The U.S. economy grew by 2.1 percent in the Q3 2019 as compared to an expected rate of 1.9 percent. But, behind the growth is a problem that no one is talking about: rising national debt. Could Bitcoin pose as a solution?

As cryptocurrency researcher The Moon (@themooncarl) revealed on Twitter, the American economy might look strong, but its debts have continued to rise. Data from the U.S. National Debt Clock shows that the national debt currently stands at a staggering $23.116 trillion. The Trump administration was overly fixated on growing the American economy and claiming bragging rights. They obviously had no qualms driving the country into more debt to achieve that goal.

Read the full news here (https://beincrypto.com/rising-u-s-national-debt-is-a-ticking-time-bomb-only-bitcoin-can-fix/?utm_campaign=amba&utm_medium=social&utm_source=bitcointalk&utm_content=jc)

A ticking time bomb? Sounds to me that I can agree with that statement!

Of course, US president Donald Trump is rejoicing that the stocks is at its all-time high. But he forgot one thing.

Their national debt continues to rise, and I highly no doubt that it gets even worse in the next few years or so.

Now I have a question to all of you here. Do you honestly think that only Bitcoin can fix this “ticking time bomb” in the United States?

I would like to hear out your reactions or opinion about this one guys. Happy Sunday everyone!

I don't think bitcoin would have any significant role in decreasing the national debt of United states as many other countries have won US on individual holding and use of Bitcoins.  A trade deal with China and Europe and US would again come to spotlight for economic growth.
Actually the national debt of US is not as serious compared to the economy. 

Bitcoin will just be another option for wealth preservation, alongside gold and silver. Nothing can save the dollar - they will have to shove it under the bus. The US is capable of self-sustenance, so it will have to create an alternative. This will probably be crypto based, but with the potential for government control.

This particular topic has a great influence from the political sector as whatever the US government does will significantly impact the price of the dollar. For once, the US would be the last of the nations to be worried about its national debt because of its role in the current world politics and yet Bitcoin wouldn't necessarily be that big of a detrimental factor towards paying off debts.

The US will continue to grow its debt.


 It is kind of like a bully borrows money and does not pay back. It simply borrows from someone else.

 I see the us debt growing beyond 35 trillion over the next 10 years.

That isn't surprising, given his past and present career as a businessman and no history as a politician.  He's ignoring the national debt just like most other politicians and everyone else for that matter.  The whole US economy seems to becoming a giant Ponzi scheme or a game of musical chairs, and the rampant printing of money and soaring debt can't continue indefinitely.

But the question is whether bitcoin can save us from the consequences, right?  Well, I don't see how that's possible unless people hold bitcoin (and it holds its value) while the US economy/Ponzi comes crashing down.  I really don't want to see that happen, to be honest.  I also don't think bitcoin is going to help much, either.  US citizens will probably start using Canadian dollars or Mexican pesos if and when the USD becomes worthless.  That'll be a sad day for all American citizens.

I'll be holding bitcoin if I'm still alive when that happens, which I hope I'm not.

Nah  they will most likely go to negative bonds that pay negative interest rates.  Europe does it now.


So 35 trillion in debt  is  paid back as  34.5 trillion.

Check it out


 https://www.bloomberg.com/quicktake/negative-interest-rates



this is a brilliant scheme.  ;)

lowering the national debt was one of donald trump's campaign promises. politicians....



how would it fix the national debt? the article doesn't really say. the author just hypes up bitcoin's scarcity and suggests the price will rise. are we talking about scrapping the USD for bitcoin? backing the USD with bitcoin? the treasury holding bitcoin reserves as a hedge?

Neither of all three ways could help out because bitcoin is too scarce in number that if US takes over all of the BTC under their authority, they'd lose it to themselves as the chance of price rising will get to nowhere as it will all be centralized then and no one out of US will take interest in buying it for their wanted prices.

If they don't get all the BTC, they can only accumulate and wait for BTC to play by millions of USD per BTC for them to get even 0.1% of their debts to be cleared off. Nothing is being done by Trump's part actually to play any good in the books of debts reduction.

Something might happen in the future, nothing is impossible. Bitcoin has an important role as a digital currency that is very valuable.
When the government starts legalizing bitcoin and its transactions for legal payments, the government will easily implement tax rules. I think tax is not a new idea for cryptocurrency, especially bitcoin.
The tax will most likely help the government pay its debts. The US is a superpower, but it surprised me when they were also faced with a sizable state debt.

Just as it will eradicate poverty in Africa, cure cancer and bring Elvis back.

I think it's about time cheezcarls stops with these clickbait links and joins the fate of coinidol, 20 stupid topics in the last week and I'm just drinking my coffee and he has already opened 3 just this morning.


If the $ crashes, Mexicans will use Venezuelan Bolivars :P


So your marvelous idea is about taxing transactions to raise money....and, of course, this need be done with bitcoin as it is impossible right now to do it with fiat! Just as it's almost impossible for me not to post some sarcastic replies early in the morning!

Bitcoin won't save the US from the growing debt.
Nor will gold, litecoin or onecoin.
To stop the debt you need to spend less than what you earn, simple as that. And the model is there in plain view, Germany, the only economic superpower which is posting budged surplus after surplus and has brought down its debt from 82% of GDP in 2010 to 63% right now.

income does not match the amount of debt in the country, I feel they look stupid by the way they maintain the traditional currency, it's time to change ways of payment that are faster and easier transactions for faster wheels of the economy to grow rapidly, I can not say many things about this because I don't have good economics, just telling them bitcoin will be the best solution to overcome the world economy

Bitcoin cannot solve the problem, but it might make debt a lot more difficult to do. In Bitcoin you do not have a constant centralized financial system

that generates credit from thin air on a centralized ledger system. So you cannot create bitcoins out of thin air and that makes debt creation

virtually impossible. The problem with this is that the demand for bitcoins would drive the price to crazy levels and it might make bitcoins or even

Satoshi's very expensive, if Bitcoin was used as a reserve currency.  ::)  (The last time the US Reserve Bank printed more Dollars, they printed 2X

the total Market worth of Bitcoin)  :o :o :o

There is something that I'm concerned about this, knowing who the U.S. has a debt to. It's mostly in China [1] (https://www.thebalance.com/u-s-debt-to-china-how-much-does-it-own-3306355). The $1.11 Trillion of ownership of China [2] (https://ticdata.treasury.gov/Publish/mfh.txt). The retirement money that the public has has the most contribution to the total debt. So, knowing that it's retirement money, maybe if they could distribute it as cryptocurrency, then they could probably lessen but not save the whole debt. Not everyone is going to accept it. I'm not sure if they would go and get it.

---

[1] - https://www.thebalance.com/u-s-debt-to-china-how-much-does-it-own-3306355
[2] - https://ticdata.treasury.gov/Publish/mfh.txt

All I can see for now is that the US citizen will use Bitcoin to save their money from the impending (If not resolved) dollar crash. If the US government doesn't have any plan on paying their debt, how can Bitcoin help in that matter when it was their government who are against it.

The only thing that will save Americans from their rising debt is either cutting spending (like cutting the amount they spend on the military) or by raising tax either through increased growth which automatically generates revenue, or by increasing taxes.

Bitcoin is just a token, it's neutral, it doesn't have any effect on spending or saving decisions. Only people can make spending or saving decisions.

I don't think so. Even Donald Trump isn't supportive about bitcoin so how come it'll be their solution? And I also believe that national debt is normal for a country, even the developed ones. As far as what my knowledge can give, debts are paid using citizen's money. Tax. The government itself know how to reduce and pay their debts without using cryptocurrency. It's just very contradicting for them to use Bitcoin in paying debts when they don't like Bitcoin.

Yes, it could. But the US is too bank-dependent, so it is unlikely to accept crypto.

Bitcoin is totally different and it never going to solution for us us debt raising maybe the US people can use bitcoin and invest their in bitcoins.
The US national debt for the first time passed $22 trillion a big scary number but still under control.

Will the US officially accept bitcoin? We think this is difficult. Because many banks are strong in the US Now let's get to the bottom of a problem. Who brings Bitcoin to these prices and tries the system? Maybe these banks are called the system.

So what do you expect in numbers for US national debt to look out of control? The situation demands action here and crypto can only help if they want to dump their fiat under the grave of their exhausted economy and take a leap from their traditional systems which have ruined everything. Stop taking loans to eat out, throw parties to your friends, gfs or whatever the heck and start repaying them. If the quota that is living on debts completely, starts repaying at least 10% of their debts each year, I see US getting back on tracks again in just 2 decades. Why buy when you can't repay? This should be asked to the people who take loans but don't have the power to repay. Similarly, I have seen more unsecured loans than secured loans, with minimal docs. These loans, when defaulted, are shown as bankruptcy to keep themselves safe.

It's not under control, lol. It's not even possible to slow down the debt ticker any time soon. The very fact that people have somewhat accepted that the US debt keeps growing is quite concerning, mainly so with how little they do to hedge the negative consequences as result of that. This irresponsible behavior is why the so called poor stay poor and the rich get richer.

I have last year seen an interview with an economist saying that as long as the US prints money there is nothing to worry about, which is retarded. The more money is being printed the bigger the impact of an implosion will be. It's only a matter of time before that happens. Yes, that implosion could be 5-10 years away, but that doesn't change the outcome. It will drag down the entire world economy.  :-\

Will the US Federal Reserve keep printing dollars? It is not the right policy to constantly print dollars. They will not continue this open policy anyway. Strict monetary policy will try to improve the economy. Bitcoin is not a salvation. Bitcoin can offer a new economic model. It may not solve the debt burden of the old system.

Based on my experience, I was saved by bitcoin to pay for the debts I had last 2018. The investments for bitcoin is our potential profit, and it's benefit will be an awesome thing to make it as a source of income. If you're working for so long and you still got the low paying job I don't think it will solve our debts quicker, because it may take long years to fully paid.

Why Bitcoin should correct US errors, of course not, Bitcoin will not be able to slow down the bomb of the growing debt to the United States. Maybe if Bitcoin stands on a par with fiat, then it will play a role.

Everything is possible in Bitcoin. But using the word "Only" is quite not appropriate for solving problems. There are lots of factors about US debts and we have to consider these things to be able to solve it. One possible solution is Bitcoin and Blockchain Technology. The real solution I think is change of lifestyle. They really need discipline regarding financial aspect.

The solution is Austrian economics. Bitcoin just happens to be a coin that doesn't lose value overtime, exactly what the Austrians wanted. Until then, America (or any other country) cannot escape from the inevitable cycles of bubbles and crashes, these are produced by the current dominant mentality, that promotes getting in debt as a means to "fast grow" the economy, but this "fast" inevitable brings its price...

Did you know the Austrians warned Americans during the roaring 20ies, before the infamous crash of 29? But they didn't listen. And they STILL don't listen, thus they will just repeat the housing crisis with perhaps some different subject "whatever crisis" again, and the world will also get repercussions for following them like lemmings.

If you did things the Austrian way, you wouldn't get in debt to grow the economy. You would potentially save, and only invest once the money has accumulated. Ah but the other countries would run circles in front of them, sure, but they would also crash.

The turtle and the hare race, might be a suitable analogy, of Austrian vs Chicago school of economy.

But no one listens. So start learning Chinese...

No state can repay its debt by selling its bitcoin assets. That sounds funny to me. Bitcoin is already a danger to the states. In addition, if a state has too many bitcoins, the value of the bitcoin is likely to fall.

The big question is why does the US government keep borrowing money and never stop. I believe the owners of reserved bank delights in seeing the US go more into debt. The US government borrows money to do a lot of things they shouldn't be doing. Maybe some policy change could help the States, even bitcoin may not be able to help the government but the people just like gold.

Let's be honest here, bitcoin can't even lift the economy of third world countries with debts that amounts only a dime compared to what the US has simply because using bitcoin is just like using any currency out there, I can't see how it could save a country from its national debt and considering that US is kinda "against" crypto most of the time, it's just a wishful thinking.

if indeed bitcoin is used as a solution, the implementation step also cannot be carried out in a hurry.

The US has issued too many controversial policies, using bitcoin will only create more uncontrolled speculation. National debt mechanisms also move procedurally, changing them suddenly only creates new problems that can have a global impact.

Well that is the truth, the debt will still remain the debt, if the debt in dollars will be deleted then it will be replaced by the debt in bitcoin. The only way for the us and all other countries to get out of this terrible place in the world is for their financial systems to be destroyed completely and remade from scratch. That's why bitcoin is beautiful, it enables this possibility.

Did you notice these two sentence have in common, the stock market price is at an all time high valuation not only in the US but around the globe and what does that mean when the national debt keeps on increasing with every country, the same bubble these financial institutions and some sloppy stock analyst are accusing BTCitcoin for a very long time, yes there is a huge bubble in the stock market for the past three years globally while the economy is struggling and it is nothing but a bubble.

Nothing can save the economy if the bubble breaks, all they can do is to rebuild everything, change the model and have some transparency with the help of blockchain and then they can include BTCitcoin as a hedge for government bonds and so on, this is my dream but the governments always like to learn the hard way.

The Fed believes continuing to print money is the solution.
Merely implementing Bitcoin as a replacement for the Fed wouldn’t be enough to dig the US out of the massive hole into which it has fallen.
   

How so? By owning 'too many' of something that already is super scarce, especially when it comes to the circulating supply within the speculative market, they would make every Bitcoin super duper happy with the increase in price. States are mainly hoarders of assets, and when they hodl their Bitcoins, it can only propel the price to much higher levels, especially after the halving reducing the rate of inflation.

I however do not like the idea of states owning Bitcoin, because it gives them the incentive to actually attack the network in case they want a transaction of a rival state reversed, or for whatever other reason. Let them stick to Gold hoarding and people do Bitcoin hoarding. Much better basis to build on. States can't be trusted and they don't like freedom, more reason to steer clear of them.

Is it that people do not understand what Bitcoin is or they don't have adequate knowledge of the use and purpose of Bitcoin?  First and foremost, I'm very surprise to see this post asking whether Bitcoin can save the rising national debt of U.S. Bitcoin is just a digital currency. People should stop making this assumptions that Bitcoin is some kinda financial commodity that solves all financial problems and crisis. Bitcoin is just digital money.

US is quite known for such stunt. Bragging rights while having a hefty debt and it looks like they have no plans whatsoever in addressing this problem. Bitcoin could also not miraculously fix the debt. Sure, it could have make faster macrotransactions that 'might' boost the economy, but it's not guaranteed, and may not be enough in reducing the debt.

Honestly, I don't think that the US will be needing the bitcoin as an additional help for saving their country for their almost 22$ trillion debts because US is the most independet country and the US government can stand alone without calling for the help of other countries or even the crypto world. They have a lot of citizens who can contribute in paying their debts by collecting each and everyone's any kind of taxes.

And in addition it could be possibly be suited not in US but to countries that are having a financial and economic crisis such as Venezuela and Zimbabwe. Especially if they are experiencing a huge inflation rate for some reason that their government and national bank decided to produce more money. In my opinion if bitcoin would be the most widely accepted crypto in instant, it could possibly make their economy and their financial sectors confused on how they could run things out. They surely need adjustment for this.

It seems to me that the money printer will play a bad trick with the US. This is an incredible public debt and I am scared to think what consequences it may have. And I'm not sure that in this situation, Bitcoin is the way out. Unless as a way to preserve value for people during a possible crisis

I'm totally on your side. Bitcoin isn't made for the purpose of paying the national debt. Bitcoin is decentralized to give us an option if we want to avoid third parties and the government. To think that the biggest centralized power in a country will use a decentralized one to pay their debts. And even if bitcoin has the capability of saving a country for its increasing debt, will the government of U.S. use bitcoin for their debt?

to be honest I am not entirely sure that bitcoin can help the growth of the country, because in bitcoin they also cannot regulate it and if it concerns the country's debt then what can help it is tax revenue. but with bitcoin maybe not, because bitcoin is decentralized and we also can't expect to always benefit from bitcoin

They have very bad politics, rising national debt, rising pocket of people in government and this happens for the cost of people's wages. In overall, we work and give some percent of our money to people in government, they use our money wrongly and in overall we work to get our situation worse cause we let them do what they wish.
Not directly bitcoin but cryptocurrencies can be a solution for fixing this situation. What we need to get rid of such situations is to have currency with fixed supply like bitcoin and also with blockchain to know where and how is spent money from government but of course they won't do it, prefer to hide their transactions.

It could have a signifcant role but I don't think it would be enough at such time. Besides such on going debt isn't look like a normal one, though we can earn million dollars here that doesn't mean it can fit to a much more vital concern. And the US government are working with their debt much more complicated than just replacing bitcoin as a payment for their own debt. It just doesn't work that way, and I bet that the US government doesn't get bothered to even think about it as a solution.

Nope, there is no correlation. A State can do the same things any other whale: It can hold unto them thus reducing circulation and increasing price, burn them (lose the wallet keys) provoking the same, or sell/auction them which could temporarily cause a cheaper price giving opportunity to some to buy cheap and then price goes back to its natural place.

This is no fiat. Even is the State tries buying bitcoin, it can only increase its price until they run out of money. So this will never happen. And if they sell them, they will eventually run out of them and put it in private hands who could keep/lose/sell them the same.

Suppose the US gov acquires lots of Bitcoin, either by buy or confiscation. You seem to believe this would somehow impact bitcoin's price negatively, when it might actually do the opposite or nothing at all.

Just because a gov gets bitcoin it doesn't affect the value for everybody else. EVEN if this gov is hostile to it (ie. China).