Can Bitcoin save U.S. from its rising national debt?

[cheezcarls]

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

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!

[1715272110]

1715272110

[1715272110]

1715272110

[1715272110]

1715272110

[1715272110]

1715272110

[1715272110]

1715272110

[Tipstar]

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. 

[Jet Cash]

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.

[13abyknight]

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.

[philipma1957]

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.

[The Sceptical Chymist]

Of course, US president Donald Trump is rejoicing that the stocks is at its all-time high.

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.

[philipma1957]

Of course, US president Donald Trump is rejoicing that the stocks is at its all-time high.

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. 

[figmentofmyass]

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

According to the Treasury report in early October, summarized by Business Insider's Bob Bryan, the US federal budget deficit rose as a result of the Tax Cuts and Jobs Act of 2017 signed into law by President Donald Trump on December 22, 2017 and the Consolidated Appropriations Act, 2018 signed into law on March 23, 2018.

https://en.wikipedia.org/wiki/National_debt_of_the_United_States#Sustainability

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!

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?

[2double0]

...snip...

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.

[BITCOIN4X]

~snip
Do you honestly think that only Bitcoin can fix this “ticking time bomb” in the United States?
~snip

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.

[stompix]

how would it fix the national debt? the article doesn't really say.

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.

US citizens will probably start using Canadian dollars or Mexican pesos if and when the USD becomes worthless.  

If the $ crashes, Mexicans will use Venezuelan Bolivars

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.

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.

[samuraijin]

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

[Kprawn]

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)  

[crwth]

There is something that I'm concerned about this, knowing who the U.S. has a debt to. It's mostly in China [1]. The $1.11 Trillion of ownership of China [2]. 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

[meanwords]

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.

[alyssa85]

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.

[airdnasxela]

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.

[Jammermob]

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

[ragavancoin]

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.

[aamirsuh]

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.