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Billionaire Mark Cuban suggested that people could contribute to reducing the US debt by gambling with memecoins.
Billionaire and Cost Plus Drugs co-founder Mark Cuban floated the idea of creating a memecoin to fund payments on the US national debt.
On January 21, Cuban said that if memecoins were “the way,” he might issue a token similar to US President Donald Trump’s official memecoin. He stated that the token would have the same terms and release schedule as Trump‘s but would direct all revenue toward paying down the US national debt.
Cuban said the wallet address would be publicly shared for everyone to track. He also mentioned that those who enjoy gambling on meme-based tokens could contribute to paying off the US debt.
“If you want to gamble, gamble. But at least use it to make a dent in the US Debt,” he wrote.
Memecoins and the US Government
Although the US government has taken an anti-crypto stance in recent years, the newly inaugurated president has shown interest in the crypto world. In addition to official NFT projects, Trump has also entered the memecoin space.
On January 18, just days before his inauguration, Trump launched the official memecoin token Official Trump (TRUMP). The token reached a market capitalization of $14.5 billion a day after its launch. However, according to CoinGecko, it has since dropped by nearly 50% and is now trading around $38.56.
Similarly, First Lady Melania Trump also entered the memecoin market with her Official Melania (MELANIA) token. The token reached a market capitalization of $6 billion during its debut, but according to CoinGecko, it has since fallen to about $680 million.
Can Cuban’s Potential Memecoin Make a Dent in the US Debt?
According to the US Treasury Department, the country’s national debt accumulated throughout its history is almost $36 trillion.
US National Debt As of September 2024
Cuban‘s remark may not be a serious proposal, but it highlights the scale of the US debt challenge.
Even if Cuban’s potential memecoin performed as well as Trump’s token and retained its value when used to pay down the debt, the impact would be minimal. At best, it would reduce only 0.03% of the total national debt.
Additionally, since token values typically decrease when sold, the actual contribution to the debt would likely be even smaller.
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