President Donald Trump has staked out one of his boldest economic claims yet: that Bitcoin could ease the strain on America’s most powerful financial tool, the U.S. dollar.
Speaking at a press conference on June 27, Trump said he has noticed “more and more” people paying in Bitcoin, adding, “It takes a lot of pressure off the dollar, and it’s a great thing for our country.”
The remark comes just months after Trump signed an executive order in March creating a Strategic Bitcoin Reserve, a move that positioned the United States as the first major government to treat Bitcoin like a national reserve asset. Alongside this, his administration authorized the creation of a broader Digital Asset Stockpile, aimed at cementing U.S. dominance in the crypto economy.
Policy Moves and National Strategy
Trump’s Bitcoin reserve was designed to function much like gold reserves: an emergency backstop and a signal of financial strength. The move was pitched as a hedge against global instability and a direct counter to China’s growing push to lead in digital currencies.
Supporters argue it could also create jobs in the crypto industry, attract innovation, and diversify U.S. reserves. “Bitcoin relieves pressure on the U.S. dollar and supports national interests,” Trump said, linking the strategy to long-term American leadership in digital finance.
Cheers and Jeers
The reaction has been split down the middle.
On one side, crypto allies like Anthony Scaramucci praised the idea, saying it could actually strengthen the dollar’s dominance if paired with regulatory clarity around stablecoins. To him, Bitcoin isn’t a rival to the dollar, it’s a complement.
But critics are crying foul. Economist Peter Schiff slammed Trump’s comments, arguing that buying Bitcoin reduces demand for dollars, the opposite of what a reserve currency needs. “It doesn’t take pressure off the dollar,” Schiff insisted, calling Trump’s comments a political stunt tied to crypto market interests.
Others raised concerns about exposing taxpayers to the notorious volatility of Bitcoin. Outlets like Wired and The Verge warned that turning Bitcoin into a reserve asset risks undermining the very stability that makes the dollar the global standard.
The Bigger Question: Can Bitcoin Really Help the Dollar?
On the surface, Trump’s logic sounds simple: if people use Bitcoin for transactions, the dollar isn’t being stretched as thin. But currency dominance isn’t a zero-sum game. The dollar’s strength comes from trust, global adoption, and U.S. economic might, all of which Bitcoin doesn’t replace, but challenges.
If governments and institutions hold Bitcoin as part of their reserves, that could diversify risk. Yet it also chips away at the dollar’s monopoly as the “safe haven” asset of choice. And while Bitcoin might hedge inflation, its wild price swings make it a dangerous foundation for monetary stability.
In other words: Bitcoin may relieve some transactional pressure on the dollar, but it doesn’t solve the deeper challenges of debt, deficits, or international competition. At best, it offers the U.S. a new tool in the arsenal. At worst, it could dilute confidence in the dollar by signaling America no longer trusts its own currency to stand alone.
