{"id":52042,"date":"2024-11-21T01:59:00","date_gmt":"2024-11-21T01:59:00","guid":{"rendered":"https:\/\/cointelegraph.com\/news\/bitcoin-cannot-solve-americas-debt-problem-on-its-own"},"modified":"2024-11-21T05:29:19","modified_gmt":"2024-11-21T05:29:19","slug":"bitcoin-reserve-wont-solve-us-debt-crisis-think-tank-co-founder","status":"publish","type":"post","link":"https:\/\/emilynews.com\/blog\/?p=52042","title":{"rendered":"Bitcoin reserve won\u2019t solve US debt crisis: Think tank co-founder"},"content":{"rendered":"

United States Senator Cynthia Lummis\u2019 plan to set up a strategic Bitcoin reserve won\u2019t be enough to solve the country\u2019s debt crisis, which has now swelled to $35 trillion, the president of the nonprofit think tank says.<\/p>\n

\u201cWhen Senator Cynthia Lummis of Wyoming talks about how a Bitcoin reserve could help us eliminate the federal debt, that\u2019s an overselling of what Bitcoin could do,\u201d Avik Roy, president of the Foundation for Research on Equal Opportunity said on stage at the North American Blockchain Summit 2024 in Dallas, Texas on Nov. 20.<\/p>\n

A scenario where the US buys an \u201cenormous\u201d amount of Bitcoin (BTC) that appreciates could help, Roy said, but it won\u2019t catch the $35.46 trillion debt that has been rising nearly exponentially since the 1980s.<\/p>\n

\u201cThe Bitcoin reserve is good, but it does not solve the problem, you still have to actually do the budgetary reforms to get us out of this $2 trillion a year of federal deficits.\u201d<\/p><\/blockquote>\n

\"Gold,<\/p>\n

Avik Roy (left) speaking at the NAB Summit 2024 on Nov. 20. Source: Cointelegraph<\/em><\/p>\n

But it could ease tension in the bond market, Roy explained.<\/p>\n

\u201cWe\u2019ve got at least this ability to back enough of the US dollar with Bitcoin that the bond markets can feel like the US is not going broke.\u201d<\/p><\/blockquote>\n

Roy is, however, concerned that such a setup could see the US erode those Bitcoin reserves, similar to how it did with gold in the 1970s.<\/p>\n

Related:<\/strong><\/em> \u2018Tone deaf\u2019 \u2014 US moves $2B Silk Road BTC after Trump\u2019s stockpile pledge<\/strong><\/em><\/p>\n

Since 1981, US national debt has increased at a compounded annual growth rate of 5.3% from $3.81 trillion to $35.46 trillion, according to US Treasury Fiscal Data.<\/p>\n

\"Gold,<\/figure>\n

Change in US national debt over the last 100 years. Source: US Treasury Fiscal Data<\/em><\/p>\n

Lummis introduced the Bitcoin Act in July for the US government to buy 1 million BTC \u2014 roughly 5% of the total supply \u2014 and hold it for at least 20 years.<\/p>\n

The Wyoming Senator also called on the US Treasury to convert some of its 8,000 tons of gold holdings \u2014 worth around $448 billion \u2014 into the proposed Bitcoin strategic reserve.<\/p>\n

President-Elect Donald Trump, who will be inaugurated on Jan. 20, also promised to create a national Bitcoin stockpile back in July.<\/p>\n

Magazine: <\/strong><\/em>Crypto has 4 years to grow so big \u2018no one can shut it down\u2019: Kain Warwick, Infinex<\/strong><\/em><\/p>\n

Additional reporting by Turner Wright.<\/p>\n

Check other news for today<\/span> and Please stand by..<\/p>\n

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\"\"<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

United States Senator Cynthia Lummis\u2019 plan to set up a strategic Bitcoin reserve won\u2019t be enough to solve the country\u2019s debt crisis, which has now swelled to $35 trillion, the president of the nonprofit think … Bitcoin reserve won\u2019t solve US debt crisis: Think tank co-founder<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":52045,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5651],"tags":[139,3544,3812,5652,10,159,97],"class_list":["post-52042","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptonews","tag-bitcoin","tag-bitcoin-news","tag-cryptonews","tag-emilynews","tag-hyip","tag-hyipnews","tag-hyips","exalt-entry"],"yoast_head":"\nBitcoin reserve won\u2019t solve US debt crisis: Think tank co-founder - EmilyNews<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/emilynews.com\/blog\/?p=52042\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin reserve won\u2019t solve US debt crisis: Think tank co-founder - 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