Donald Trump has proposed a massive, radical plan to pay off $35 trillion in US national debt and defeat China

Donald Trump, the former US president who is running for the White House this year as a Republican, surprised many with his embrace of bitcoin and cryptocurrencies this year.

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Trump's support for bitcoin is a complete departure from 2019, when he railed against cryptocurrencies after making millions from a series of cryptocurrency-based digital trading card collections and placed him alongside Wall Street giants and Shark Tank billionaire Mark Cuban as a crypto convert.

Now, after Treasury Secretary Janet Yellen admitted her concerns about the future of the US dollar, Trump has floated the possibility of using bitcoin to pay off the $35 trillion US debt, which adds $1 trillion every 100 days and could fuel a surge in bitcoin's price.

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ForbesFBI Issues Serious Cryptocurrency Warning As Bitcoin, Ethereum, Solana, BNB, XRP Prices Drop $300 BillionBy Billy Bambrough

Former US President Donald Trump has suggested a radical plan for the United States to repay its $35 billion debt… [+] a trillion dollar national debt.

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“Cryptocurrencies are a very interesting thing,” Trump told Fox Business. “Maybe we’ll pay back our $35 trillion, give them a little check in crypto, right? We’ll give them a little bit of bitcoin and we’ll wipe out our $35 trillion.”

Last week, Trump promised to create a “strategic national reserve of bitcoin” and predicted that bitcoin could eclipse gold’s $16 trillion market cap during an appearance at the Bitcoin 2024 conference.

Trump’s new pro-crypto stance puts him at sharp odds with the anti-crypto stance of the Biden administration and Vice President Kamala Harris. Trump declared his support for cryptocurrencies in late May and began accepting campaign donations in bitcoin and a handful of other cryptocurrencies.

“If we don’t do it, China will,” Trump told Fox Business. “China will do it anyway. But if we don’t do it, China will do it. China is already doing it, and if we don’t do it, other countries will. So we might as well be ahead of the curve.”

China has cracked down on bitcoin and cryptocurrencies in recent years, banning cryptocurrency trading and mining — a process in which powerful computers unlock new bitcoins by solving complex mathematical problems — but also paving the way for the development of a cryptocurrency-inspired digital currency, sometimes called a central bank digital currency (CBDC).

Last month, cryptocurrency entrepreneur Justin Sun predicted that China was about to turn to bitcoin and cryptocurrency, while cryptocurrency investor Brock Pierce said it was only a matter of time before China reopened its digital doors to cryptocurrency.

“Biden is trying to stop it… but if we don’t adopt it, other countries will adopt it. You know, it’s already a huge problem… and if we don’t adopt it, other countries will adopt it. Other countries will do it anyway, but we can be the leader. We might as well be the leader,” Trump said.

Trump's radical bitcoin plan comes after Tesla billionaire Elon Musk warned that the US dollar was headed for “destruction” and that spiraling $35 trillion in debt could “bankrupt” the US, which some analysts say could send bitcoin's price soaring.

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Congress Introduces Sweeping Bitcoin Bill As Trump Prepares Price For $100 Trillion Rise To Replace Gold, Forbes SaysBy Billy Bambrough

The price of Bitcoin has plummeted this week, hitting Ethereum, XRP, Solana and the broader cryptocurrency market… [+] market, but remains much higher than its 2022 lows.

Forbes Digital Assets

Interest payments on the U.S. debt are expected to hit $870 billion this year, according to a recent analysis by the Congressional Budget Office, after runaway inflation prompted the Federal Reserve to raise interest rates at a pace never seen before, following the massive spending and money printing of the Covid era.

Earlier this year, Bank of America analysts warned that U.S. debt was on track to increase to $1 trillion every 100 days.

“The U.S. national debt is increasing by $1 trillion every 100 days,” Michael Hartnett, chief strategist at Bank of America, wrote in a note to clients seen by CNBC, adding that it’s “no wonder ‘debt write-down’ is a talking point.” [such as gold and bitcoin are] “approaching historic highs.”

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