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Solana Solana (SOL) $186.61 ↑ 4.86%
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TRON TRON (TRX) $0.32 ↑ 0.86%
Cardano Cardano (ADA) $0.82 ↑ 2.73%
Hyperliquid Hyperliquid (HYPE) $44.39 ↑ 5.11%
Sui Sui (SUI) $4.00 ↑ 9.30%
Stellar Stellar (XLM) $0.44 ↑ 5.30%
Chainlink Chainlink (LINK) $18.25 ↑ 4.01%
Hedera Hedera (HBAR) $0.26 ↑ 10.51%
Bitcoin Cash Bitcoin Cash (BCH) $552.73 ↑ 5.02%
Avalanche Avalanche (AVAX) $24.13 ↑ 4.15%
Litecoin Litecoin (LTC) $113.34 ↑ 1.56%
Shiba Inu Shiba Inu (SHIB) $0.00 ↑ 5.35%
UNUS SED LEO UNUS SED LEO (LEO) $8.98 ↑ 0.04%
Toncoin Toncoin (TON) $3.33 ↑ 7.51%
Ethena USDe Ethena USDe (USDe) $1.00 ↑ 0.01%
Polkadot Polkadot (DOT) $4.10 ↑ 3.77%
Uniswap Uniswap (UNI) $10.43 ↑ 3.66%
Monero Monero (XMR) $327.83 ↑ 1.38%
Dai Dai (DAI) $1.00 ↑ 0.01%
Bitget Token Bitget Token (BGB) $4.56 ↑ 2.71%
Pepe Pepe (PEPE) $0.00 ↑ 4.51%
Aave Aave (AAVE) $296.40 ↑ 3.28%
Cronos Cronos (CRO) $0.13 ↑ 3.20%
Bittensor Bittensor (TAO) $429.20 ↑ 4.77%
Ethena Ethena (ENA) $0.59 ↑ 14.10%
NEAR Protocol NEAR Protocol (NEAR) $2.85 ↑ 6.19%
Ethereum Classic Ethereum Classic (ETC) $22.97 ↑ 4.60%
Pi Pi (PI) $0.44 ↑ 0.38%
Ondo Ondo (ONDO) $1.04 ↑ 3.81%
Aptos Aptos (APT) $4.77 ↑ 2.10%
Internet Computer Internet Computer (ICP) $5.63 ↑ 3.63%
OKB OKB (OKB) $48.09 ↑ 1.32%
Bonk Bonk (BONK) $0.00 ↑ 3.24%
Kaspa Kaspa (KAS) $0.10 ↑ 2.22%
Pudgy Penguins Pudgy Penguins (PENGU) $0.04 ↑ 9.27%
Mantle Mantle (MNT) $0.77 ↑ 4.55%
POL (prev. MATIC) POL (prev. MATIC) (POL) $0.23 ↑ 2.22%
Algorand Algorand (ALGO) $0.27 ↑ 3.90%
Arbitrum Arbitrum (ARB) $0.45 ↑ 5.09%
VeChain VeChain (VET) $0.03 ↑ 4.25%
World Liberty Financial USD World Liberty Financial USD (USD1) $1.00 ↑ 0.06%
Render Render (RENDER) $4.21 ↑ 4.90%
GateToken GateToken (GT) $17.71 ↑ 2.09%
Worldcoin Worldcoin (WLD) $1.16 ↑ 3.28%
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Sky Sky (SKY) $0.09 ↑ 12.91%
Sei Sei (SEI) $0.33 ↑ 4.02%
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Cosmos Cosmos (ATOM) $4.69 ↑ 1.96%
Filecoin Filecoin (FIL) $2.64 ↑ 3.29%
Artificial Superintelligence Alliance Artificial Superintelligence Alliance (FET) $0.73 ↑ 1.54%
Flare Flare (FLR) $0.02 ↑ 6.33%
Jupiter Jupiter (JUP) $0.55 ↑ 4.21%
Story Story (IP) $5.48 ↑ 4.02%
KuCoin Token KuCoin Token (KCS) $11.50 ↓ -4.22%
Quant Quant (QNT) $120.33 ↑ 1.64%
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Four Four (FORM) $3.39 ↑ 0.20%
Stacks Stacks (STX) $0.81 ↑ 5.66%
Optimism Optimism (OP) $0.72 ↑ 5.10%
FLOKI FLOKI (FLOKI) $0.00 ↑ 4.64%
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PAX Gold PAX Gold (PAXG) $3,356.88 ↓ -0.15%
Pump.fun Pump.fun (PUMP) $0.00 ↑ 3.05%
Tezos Tezos (XTZ) $0.88 ↑ 2.64%
Vaulta Vaulta (A) $0.58 ↑ 3.18%
PayPal USD PayPal USD (PYUSD) $1.00 ↑ 0.04%
Theta Network Theta Network (THETA) $0.88 ↑ 4.44%
Nexo Nexo (NEXO) $1.32 ↓ -0.41%
JasmyCoin JasmyCoin (JASMY) $0.02 ↑ 3.68%
Tether Gold Tether Gold (XAUt) $3,347.52 ↓ -0.27%
IOTA IOTA (IOTA) $0.21 ↑ 4.28%
Raydium Raydium (RAY) $3.04 ↑ 4.14%
Gala Gala (GALA) $0.02 ↑ 3.36%
The Sandbox The Sandbox (SAND) $0.30 ↑ 3.13%
Aerodrome Finance Aerodrome Finance (AERO) $0.91 ↑ 3.63%
Pyth Network Pyth Network (PYTH) $0.13 ↑ 5.23%
Pendle Pendle (PENDLE) $4.44 ↑ 3.10%
Jito Jito (JTO) $1.97 ↑ 1.78%
Bitcoin Bitcoin (BTC) $117,381.66 ↑ 1.60%
Ethereum Ethereum (ETH) $3,746.83 ↑ 2.69%
XRP XRP (XRP) $3.16 ↑ 2.48%
Tether USDt Tether USDt (USDT) $1.00 ↑ 0.00%
BNB BNB (BNB) $782.81 ↑ 2.52%
Solana Solana (SOL) $186.61 ↑ 4.86%
USDC USDC (USDC) $1.00 ↓ -0.02%
Dogecoin Dogecoin (DOGE) $0.24 ↑ 4.39%
TRON TRON (TRX) $0.32 ↑ 0.86%
Cardano Cardano (ADA) $0.82 ↑ 2.73%
Hyperliquid Hyperliquid (HYPE) $44.39 ↑ 5.11%
Sui Sui (SUI) $4.00 ↑ 9.30%
Stellar Stellar (XLM) $0.44 ↑ 5.30%
Chainlink Chainlink (LINK) $18.25 ↑ 4.01%
Hedera Hedera (HBAR) $0.26 ↑ 10.51%
Bitcoin Cash Bitcoin Cash (BCH) $552.73 ↑ 5.02%
Avalanche Avalanche (AVAX) $24.13 ↑ 4.15%
Litecoin Litecoin (LTC) $113.34 ↑ 1.56%
Shiba Inu Shiba Inu (SHIB) $0.00 ↑ 5.35%
UNUS SED LEO UNUS SED LEO (LEO) $8.98 ↑ 0.04%
Toncoin Toncoin (TON) $3.33 ↑ 7.51%
Ethena USDe Ethena USDe (USDe) $1.00 ↑ 0.01%
Polkadot Polkadot (DOT) $4.10 ↑ 3.77%
Uniswap Uniswap (UNI) $10.43 ↑ 3.66%
Monero Monero (XMR) $327.83 ↑ 1.38%
Dai Dai (DAI) $1.00 ↑ 0.01%
Bitget Token Bitget Token (BGB) $4.56 ↑ 2.71%
Pepe Pepe (PEPE) $0.00 ↑ 4.51%
Aave Aave (AAVE) $296.40 ↑ 3.28%
Cronos Cronos (CRO) $0.13 ↑ 3.20%
Bittensor Bittensor (TAO) $429.20 ↑ 4.77%
Ethena Ethena (ENA) $0.59 ↑ 14.10%
NEAR Protocol NEAR Protocol (NEAR) $2.85 ↑ 6.19%
Ethereum Classic Ethereum Classic (ETC) $22.97 ↑ 4.60%
Pi Pi (PI) $0.44 ↑ 0.38%
Ondo Ondo (ONDO) $1.04 ↑ 3.81%
Aptos Aptos (APT) $4.77 ↑ 2.10%
Internet Computer Internet Computer (ICP) $5.63 ↑ 3.63%
OKB OKB (OKB) $48.09 ↑ 1.32%
Bonk Bonk (BONK) $0.00 ↑ 3.24%
Kaspa Kaspa (KAS) $0.10 ↑ 2.22%
Pudgy Penguins Pudgy Penguins (PENGU) $0.04 ↑ 9.27%
Mantle Mantle (MNT) $0.77 ↑ 4.55%
POL (prev. MATIC) POL (prev. MATIC) (POL) $0.23 ↑ 2.22%
Algorand Algorand (ALGO) $0.27 ↑ 3.90%
Arbitrum Arbitrum (ARB) $0.45 ↑ 5.09%
VeChain VeChain (VET) $0.03 ↑ 4.25%
World Liberty Financial USD World Liberty Financial USD (USD1) $1.00 ↑ 0.06%
Render Render (RENDER) $4.21 ↑ 4.90%
GateToken GateToken (GT) $17.71 ↑ 2.09%
Worldcoin Worldcoin (WLD) $1.16 ↑ 3.28%
OFFICIAL TRUMP OFFICIAL TRUMP (TRUMP) $10.08 ↑ 2.58%
Sky Sky (SKY) $0.09 ↑ 12.91%
Sei Sei (SEI) $0.33 ↑ 4.02%
SPX6900 SPX6900 (SPX) $2.01 ↑ 14.50%
Cosmos Cosmos (ATOM) $4.69 ↑ 1.96%
Filecoin Filecoin (FIL) $2.64 ↑ 3.29%
Artificial Superintelligence Alliance Artificial Superintelligence Alliance (FET) $0.73 ↑ 1.54%
Flare Flare (FLR) $0.02 ↑ 6.33%
Jupiter Jupiter (JUP) $0.55 ↑ 4.21%
Story Story (IP) $5.48 ↑ 4.02%
KuCoin Token KuCoin Token (KCS) $11.50 ↓ -4.22%
Quant Quant (QNT) $120.33 ↑ 1.64%
First Digital USD First Digital USD (FDUSD) $1.00 ↑ 0.02%
Curve DAO Token Curve DAO Token (CRV) $1.05 ↑ 3.10%
Injective Injective (INJ) $14.26 ↑ 6.68%
Celestia Celestia (TIA) $1.94 ↑ 5.42%
XDC Network XDC Network (XDC) $0.09 ↑ 0.34%
Fartcoin Fartcoin (FARTCOIN) $1.36 ↑ 0.28%
Four Four (FORM) $3.39 ↑ 0.20%
Stacks Stacks (STX) $0.81 ↑ 5.66%
Optimism Optimism (OP) $0.72 ↑ 5.10%
FLOKI FLOKI (FLOKI) $0.00 ↑ 4.64%
Ethereum Name Service Ethereum Name Service (ENS) $30.22 ↑ 9.05%
Immutable Immutable (IMX) $0.57 ↑ 6.21%
dogwifhat dogwifhat (WIF) $1.07 ↑ 2.96%
Virtuals Protocol Virtuals Protocol (VIRTUAL) $1.58 ↑ 4.15%
The Graph The Graph (GRT) $0.10 ↑ 3.02%
Kaia Kaia (KAIA) $0.16 ↑ 2.02%
Conflux Conflux (CFX) $0.20 ↑ 10.25%
Lido DAO Lido DAO (LDO) $1.10 ↑ 2.99%
Sonic Sonic (S) $0.33 ↑ 2.17%
PancakeSwap PancakeSwap (CAKE) $2.75 ↑ 4.38%
PAX Gold PAX Gold (PAXG) $3,356.88 ↓ -0.15%
Pump.fun Pump.fun (PUMP) $0.00 ↑ 3.05%
Tezos Tezos (XTZ) $0.88 ↑ 2.64%
Vaulta Vaulta (A) $0.58 ↑ 3.18%
PayPal USD PayPal USD (PYUSD) $1.00 ↑ 0.04%
Theta Network Theta Network (THETA) $0.88 ↑ 4.44%
Nexo Nexo (NEXO) $1.32 ↓ -0.41%
JasmyCoin JasmyCoin (JASMY) $0.02 ↑ 3.68%
Tether Gold Tether Gold (XAUt) $3,347.52 ↓ -0.27%
IOTA IOTA (IOTA) $0.21 ↑ 4.28%
Raydium Raydium (RAY) $3.04 ↑ 4.14%
Gala Gala (GALA) $0.02 ↑ 3.36%
The Sandbox The Sandbox (SAND) $0.30 ↑ 3.13%
Aerodrome Finance Aerodrome Finance (AERO) $0.91 ↑ 3.63%
Pyth Network Pyth Network (PYTH) $0.13 ↑ 5.23%
Pendle Pendle (PENDLE) $4.44 ↑ 3.10%
Jito Jito (JTO) $1.97 ↑ 1.78%
Home Cryptocurrency

$35T in Debt: Is Bitcoin the Solution to the US National Debt Problem?

Abayomi Azeez by Abayomi Azeez
1 August 2024
in Cryptocurrency
Reading Time: 3 mins read
0
Is Bitcoin the solution to the US National Debt Problem?

Is Bitcoin the solution to the US National Debt Problem?

The United States national debt has crossed $35 trillion. This unexpected discovery has produced political and economic shockwaves. The US Debt Clock reports this milestone on July 30, 2024. Thus, it marks a huge increase in the nation’s financial obligation. It prompts immediate concerns regarding the economic sustainability of the future.

While many try to fathom this staggering number, Bitcoin may have an answer. Is Bitcoin the Solution to the US National Debt Problem? This was discussed during the Nashville Bitcoin conference. Conventional methods of handling the nation’s debt are being rethought in light of this investigation. Ultimately, it has generated heated controversy.

Table of Contents

Toggle
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  • The Alarming US National Debt Increase
  • Is Bitcoin the Solution to the US National Debt Problem? The Bitcoin Reserve Bill
  • The Federal Reserve’s Dilemma

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Is Bitcoin the solution to the US National Debt Problem?
Is Bitcoin the solution to the US National Debt Problem?

The Alarming US National Debt Increase

On July 30, the US Debt Clock showed that the country owed $35 trillion. This is a big jump from $5.5 trillion in July 2000. Also, July 2020 recorded $28.5 trillion. Nashville Bitcoin conference attendees discussed the rising national debt. Senator Cynthia Lummis introduced the Bitcoin Reserve Bill last week at the US debt conference. The bill would store Bitcoin for at least 20 years. The aim would be to lower the national debt. The question of Is Bitcoin the Solution to the US National Debt Problem? has been revived by this suggestion.

At $906 billion, interest on the debt is nearly equal to the defence budget, which is $912 billion, according to the US Debt Clock. Funding for other vital sectors, like education, is constrained by this large interest payment. The Federal Reserve should lower interest rates to help people pay off high-interest debt. But, it’s made more difficult because the persistent inflation is still above the 2% objective.

Furthermore, with the Federal Reserve’s reduction in quantitative tightening, the M2 money supply is still increasing. Many are looking forward to July 31st. This is because it is the next interest rate decision that could significantly impact the country’s economic strategy. The market expects a Fed funds rate pause at 5.25-5.50%.

Is Bitcoin the solution to the US National Debt Problem?
Is Bitcoin the solution to the US National Debt Problem?

Is Bitcoin the Solution to the US National Debt Problem? The Bitcoin Reserve Bill

Regarding the growing national debt, Senator Cynthia Lummis’s Bitcoin Reserve Bill has become a daring and contentious proposal. A Bitcoin reserve maintained for at least 20 years may help reduce the debt load. Given this novel strategy, one must wonder, Is Bitcoin the Solution to the US National Debt Problem?

Bitcoin, according to the bill’s backers, might protect fiat currencies from devaluation. This is so due to its deflationary character and potential for value appreciation. According to them, Bitcoin’s value could rise over time because of its limited quantity. Thus, Is Bitcoin the Solution to the US National Debt Problem? Could yield positive results.

However, Bitcoin’s detractors say that among the most significant problems is the cryptocurrency’s unpredictability. The lack of clarity surrounding its regulation is an issue of concern. They claim the nation may be financially jeopardized if its debt plans were tied to an asset as unpredictable as this one. Is Bitcoin the Solution to the US National Debt Problem? is a question raised by the bill. Thus, illustrating the growing convergence of conventional banking and crypto.

The Federal Reserve’s Dilemma

The Fed has challenges due to national debt and inflation’s complex link. The arising question: Is Bitcoin the Solution to the US National Debt Problem? Further complicates the problematic scenario. Paying off high-interest debt puts pressure on the Federal Reserve to cut interest rates. Dropping interest rates may lower the cost of paying off the national debt. This would free up funds for other essential government programs.

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Meanwhile, the Fed’s decision-making becomes more complicated when inflation exceeds the 2% objective. If interest rates are cut too sharply, it could lead to inflation. In return, it would make the economy’s long-term problems worse. The Federal Reserve has a fine line between controlling debt costs and ensuring price stability.

Is Bitcoin the solution to the US National Debt Problem?
Is Bitcoin the solution to the US National Debt Problem?

Market players and politicians are waiting for the interest rate announcement scheduled for July 31. The Federal Reserve’s forward guidance and any indications about future policy direction will be extensively examined. It would be monitored for clues about the central bank’s plans to resolve the national debt situation. This would remain the case even if a pause in rate hikes is generally predicted. The US national debt is growing, making long-term solutions difficult. In this complex background, “Is Bitcoin the Solution to the US National Debt Problem?” is a polarising issue. TurkishNY Radio captures recent crypto events to help crypto enthusiasts stay updated, tune in and get the most reliable updates.

 

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