The U.S. Government Should Pay Off Debt with an ICO
Earlier today, I had the opportunity of speaking at the Global Blockchain Forum on the topic of the future of payments. At BitBounce, we are inventing one specific part of that future by creating the first market for email. Later this month, we’ll unveil a new product we’re bringing to market on May 1st that expands your power in that marketplace.
Our team is also actively thinking about what other aspects of the financial future look like. Here’s a big idea:
The US government should pay off its debt by holding an ICO.
Here’s the problem:
- The US government currently has over 21 trillion dollars in debt.
- Our debt and deficit are increasing.
- We are not on a trajectory to pay off the debt given current spending and revenue levels.
- Competing political objectives make it unlikely that this trajectory will reverse anytime soon.
Here’s a solution:
- The US would issue its own crypto dollar that would be accepted as a legal tender.
- The sale would be structured to raise enough to repay the national debt while allowing the population to use cryptocurrency for modern transactions.
- The currency would offer no or low inflation.
- The currency would have crypto properties such as irreversible transactions, storage via private keys rather than banks accounts, and improved privacy protections.
- This would then make it easier to pay taxes on other crypto since this activity could be accounted and paid for via the blockchain.
A lot more thinking and analysis would have to go into it but this proposal could solve one of the biggest problems our country is facing right now: being saddled with crippling debt that can only be rectified by us, the taxpayers…or an ICO :).
The financial future will be going through its largest evolution with the creation and adoption of cryptocurrency. It’d be nice to see the government getting ahead of the curve instead of left behind the wave. As for us, we’ll be announcing our next future-creating product in 18 days time.