Dennis Porter Suggests Student Loan Forgiveness Program With Bitcoin
- A program for student loan forgiveness involving the use of Bitcoin ($BTC), has been proposed by Dennis Porter
- The proposal emphasizes a radical alternative to the student debt forgiveness plan announced by President Biden.
Dennis Porter, the current CEO of Satoshi Action Fund, recently proposed a student loan forgiveness program involving the use of the most popular cryptocurrency, Bitcoin ($BTC).
His proposal focuses on a dynamic alternative to President Biden’s student debt forgiveness plan.
Porter, who is also a former political advisor urged the United States Government to deliver $10,000 in $BTC to each eligible person
Porter suggests that the amount should be locked within a smart contract for 10 years.
Porter believes that over this period, the value of the locked funds will grow to be greater than the repayment amount needed to clear the debt.
He proposed a program for student loan forgiveness enabling the use of $BTC. but its certainty is ambiguous at the moment.
Biden Administration under question
The total amount of student debt in the US, including private and federal loans, amounts to a staggering $1.75T. According to data, on average one in every seven Americans have some form of student debt.
On August 24 The White House launched a student loan relief plan including a $10,000 debt cancellation for any individual with an earning capacity of less than $125,000 annually.
However, low-income families possessing Pell Grants can opt for $20,000 in the debt relief plan.
Although President Biden mentioned that the relief measures are to support Americans in case of debt management, eventually with considerable financial advantages.
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