Former Rep. Adam Kinzinger expressed skepticism about cryptocurrency’s ability to pay off U.S. national debt, highlighting that while blockchain has practical uses, Bitcoin can’t ensure economic stability.
In a recent interview hosted by Saxo, marking Trump’s first 30 days in office, Kinzinger clarified that cryptocurrency might play a role in finance, but it isn’t a solution for national debt.
Kinzinger stated, “Is crypto going to play a role? Yes… Is crypto going to end up being the end-all-be-all of all currencies? No.” He believes Bitcoin reaching $5 million per coin would still not realistically help reduce national debt.
He underscored the importance of government control over currency for economic autonomy and warned that using Bitcoin to eliminate debt would likely cause severe inflation, destabilizing the economy. He stated, “The idea that crypto is going to grow and pay off the national debt and not be massively inflationary is just not possible.”
Kinzinger suggested focusing on slowing debt growth and reducing the deficit, emphasizing faith in America’s credit for long-term financial stability.
Kinzinger on Blockchain Technology
Kinzinger, who co-sponsored a bipartisan resolution recognizing blockchain’s potential in 2016, reaffirmed his belief in the technology. He noted, “What I haven’t done is kept up on AI and the increased computing power that has expanded blockchain’s capabilities.”
He acknowledged blockchain’s diverse interests, particularly in monitoring and implementation, and stressed its practical applications such as reducing fraud in payment systems like Medicare and enhancing the security of online transactions. Despite believing in blockchain’s potential, Kinzinger remains skeptical about cryptocurrencies displacing traditional financial systems.
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