From Nasdaq
August 7, 2024 2:56:30 pm:

Former President and Republican presidential candidate Donald Trump suggested using bitcoin to pay off the national debt, sparking debate. Experts caution this move could impact wallets significantly. Some experts argue that bitcoin’s value would need to reach $2.1 million to cover the $35 trillion debt. However, using bitcoin for debt relief could benefit consumers in the long term.

On the flip side, Trump’s comments caused a drop in crypto prices; bitcoin fell 12%, and ethereum plummeted 21% within 24 hours. This volatility could affect your investments and destabilize the U.S. dollar, potentially leading to higher inflation and increased costs. Tax laws around cryptocurrency might also change, impacting how your holdings are taxed.

Despite the feasibility of paying off the debt with crypto, experts focus on the bigger picture. Trump’s positive stance on crypto in an election year could influence wallets positively. Less strict regulations may bring more blockchain and cryptocurrency jobs back to America, making cryptocurrencies more mainstream. This can benefit both crypto and real wallets economically.

Read more at Nasdaq: How Would Trump’s Plan To Pay Down National Debt With Crypto Affect Your Wallet?