US think tank chairman says stockpiling Bitcoin won't solve US debt crisis

Avik Roy, president of the nonprofit think tank, spoke to Cynthia Lummis, who believes Bitcoin could solve the federal debt.
Senator Lummis's argument overestimated the potential of Bitcoin.
In a speech at the Chain Summit 2024, Avik Roy, president of the Equal Opportunity Research Foundation, said, "U.S. Senator Cynthia Lummis' (D-Wyoming) strategic bitcoin reserve plan currently includes 35
"It's not enough to solve the trillion-dollar national debt crisis," he said. "This is an overstatement of Bitcoin's potential."
Roy said that if the United States were to purchase a huge amount of Bitcoin and its value would rise,
While that could help with the debt problem, he noted it would not keep up with the $35.46 trillion in debt that has grown almost exponentially since the 1980s.
"While hoarding Bitcoin will have a positive effect, it will not solve the problem.
"We ultimately need to do budget reform to resolve the deficit," he said. However, he explained that stockpiling Bitcoin could ease tensions in the bond market, saying, "I don't think the U.S. should be able to buy Bitcoin."
"Having the ability to back some of our dollars through the central bank gives us confidence in the bond markets that the United States is not going to go bankrupt," he added.
However, such a system would be a step towards reducing Bitcoin reserves in the same way that the United States reduced its gold reserves in the 1970s.
According to financial data from the U.S. Treasury Department, since 1981, the U.S. national debt has grown at a compound annual growth rate of 5.3 percent, from $3.81 trillion to $1.28 trillion.
It increased to $35.46 trillion.