Avik Roy, the president of a nonprofit think tank, said Senator Cynthia Lummis’ idea that Bitcoin could eliminate federal debt is an “overselling” of what Bitcoin can do.
United States Senator Cynthia Lummis’ plan to set up a strategic Bitcoin reserve won’t be enough to solve the country’s debt crisis, which has now swelled to $35 trillion, the president of the nonprofit think tank says.
“When Senator Cynthia Lummis of Wyoming talks about how a Bitcoin reserve could help us eliminate the federal debt, that’s an overselling of what Bitcoin could do,” 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.
A scenario where the US buys an “enormous” amount of Bitcoin (BTC) that appreciates could help, Roy said, but it won’t catch the $35.46 trillion debt that has been rising nearly exponentially since the 1980s.