Trump and Musk began supporting cryptocurrency in 2024, proposing that it could be a solution to the U.S. debt crisis. Trump stated that if elected, he would stop suppressing cryptocurrency and promote converting U.S. national debt into cryptocurrency, thereby reducing the debt burden. This means that the U.S. could repay part of its debt through digital currency, especially for countries holding U.S. debt (such as China and Saudi Arabia), which could change the form of debt repayment.
However, this plan faces significant risks. Trump proposed cutting government spending and military expenditures, but whether this can effectively resolve America's debt problems remains uncertain. If the reforms fail, it could impact the U.S. and global financial systems, particularly affecting the status of the dollar.
Trump and Musk's cryptocurrency plan is a bold financial reform that could affect the U.S. and global economy, but whether it will succeed remains unknown.
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