On August 24, Dennis Porter, CEO and Co-Founder of Satoshi Action Fund tweeted and shared an alternative method to solve the student loan problem, just after the US President announced a forgiveness plan for student loans.
According to Porter, US President Joe Biden could give each individual $10,000 in Bitcoin and lock it inside a smart contract for ten years.Porter further explained that the contract should be adequate to pay off the remaining debt on the student loan once it’s released.
As some of the community members believe that Bitcoin cannot support smart contracts, the members criticised Porter’s recommendation. By replying to Porter’s tweet, one user urged him not to simply “lump random things together.” One more user said that Bitcoin isn’t the answer to everything.
Moreover, John Wingate, a fintech executive, told Porter that this can’t be possible with just Bitcoin. Wingate further inquired of Porter whether this is his confirmation that BTC needs to grow its use cases.
In spite of facing heavy criticism from the community for calling BTC smart contract compatible, Porter stood by his proposal and guarded his stance. Moreover, Porter also shared a website link, explaining a technique on how to time lock Bitcoin by using smart contracts.
Porter’s recommendation for paying off student loans might be based on the understanding that BTC will function as an inflation hedge and its worth will increase over the long run, enough to pay off the debt of student loans.
However, Skybridge Capital CEO, Anthony Scaramucci, believes that if BTC wants to become an effective inflation hedge, then BTC needs to be in the “billion users wallet.”