Despite his ongoing flip-flopping on cryptocurrencies to attract voters, Donald Trump seems to lack a fundamental understanding of how these digital assets work. Recently, at a crypto event, he suggested an absurd idea that sent attendees into fits of laughter: paying off the U.S. national debt with cryptocurrencies and a few supplies from Staples.
“Maybe we’ll pay off the $35 trillion in crypto,” he stated. “How do you like that? I’ll write on a little piece of paper, ‘$35 trillion crypto’ — we have no debt. Right? That’s what I like.”
This suggestion was met with laughter, but Trump was serious about his supposed solution for the national debt, which Republicans only seem to prioritize during Democratic presidencies. Just last month, he reiterated this notion in a Fox News interview, claiming that a “little crypto check” could “wipe out” the $35 trillion debt. If it were that simple, one might question why he didn’t implement such a plan during his first term.
While this idea sounds ludicrous, it appears to be a strategic move to reward the crypto supporters who back Trump’s campaign. For a more in-depth look at why this notion is fundamentally flawed, consider reading this insightful article from Forbes analyst Ben Ritz and another from crypto entrepreneur Tavonia Evans on Medium.
In the meantime, Trump’s grasp of topics such as cryptocurrency can be added to his track record of misunderstanding wind power, basic economics, climate change, and reproductive health. The implications of such a lack of knowledge are concerning as he continues to make headlines with outlandish claims.
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