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The bitcoin price has roared back after plummeting below $60,000 per bitcoin this week as former U.S. president Donald Trump’s China nightmare suddenly seems to be coming true.
Now, after Tesla billionaire Elon Musk warned the U.S. could collapse into “bankruptcy” due to its debt spiraling out of control, billionaire investor Mark Cuban has teased a plan floated by Donald Trump to pay off U.S. national debt with bitcoin or crypto—and the Doge Department of Government Efficiency backed by Elon Musk.
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Dallas Mavericks minority owner Mark Cuban has teased a plan floated by Donald Trump to pay off U.S. … [+]
“We don’t know what Elon would actually do,” Cuban said during an appearance on the All-In Podcast alongside fellow investors David Friedberg, Chamath Palihapitiya, Jason Calacanis and David Sacks, responding to a question about how the U.S. could begin to tackle its huge debt pile that’s rocketed to over $35 trillion this year.
“Maybe [he’ll] put doge in the the Treasury, who knows, and that’s how we make it all up,” Cuban joked, referring to Elon Musk’s on-again-off-again relationship with the meme-based bitcoin rival dogecoin.
In July, Cuban called the growing support among Silicon Valley founders, investors and executives for Republican 2024 White House hopeful Donald Trump a “bitcoin play,” predicting a bitcoin price boom if Trump wins next month’s election.
Cuban, who’s an outspoken Democrat, supporter of U.S. vice president Kamala Harris and famously said in 2018 he’d rather have bananas than bitcoin, became a bitcoin and crypto convert through the Covid pandemic and has warned that Trump could win the 2024 election due to president Joe Biden’s opposition to crypto.
Earlier this year, Trump floated the possibility of using bitcoin to pay off the U.S.’s $35 trillion debt pile.
“Crypto is a very interesting thing,” Trump told Fox Business in August. “Maybe we’ll pay off our $35 trillion dollars, hand them a little crypto check, right? We’ll hand them a little bitcoin and wipe out our $35 trillion.”
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The bitcoin price has topped its previous all-time high this year, with Donald Trump, Elon Musk and … [+]
Earlier, during an appearance at the Bitcoin 2024 conference, Trump promised to create a “strategic national bitcoin reserve” and predicted bitcoin could eclipse gold’s $16 trillion market capitalization.
Speaking in September at the Economic Club of New York, Trump proposed creating a government efficiency commission and said Elon Musk had agreed to “head that task force”—with Musk branding it the Department of Government Efficiency, or Doge.
Both Musk and Cuban have helped dogecoin—a tongue-in-cheek fork of bitcoin—become one of the world’s largest cryptocurrencies over the last few years.
The dogecoin price rocketed along with bitcoin and the wider crypto market in 2021 before crashing back but holding on to far more of its value than most of its critics predicted.