Bitcoin-Backed Dollar Proposal Sparks Debate Over US Debt Crisis

Coinbase CEO Brian Armstrong has proposed a solution to America's $39.7 trillion national debt by backing the dollar with Bitcoin, capping government spending, and relying on AI-powered economic growth.

The gold standard, which worked similarly to Armstrong's proposal, was abandoned in 1971 after decades of economic instability.

Armstrong's plan has some historical support, as the U.S. grew its economy instead of paying down debt through austerity after World War II.