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After the declaration of Joe Biden – the President of the United States – regarding a plan for the forgiveness of student loans to eliminate the debt of nearly $20,000 for numerous U.S. citizens, a Bitcoin (BTC) proponent suggested a substitutive strategy to recompense the entirety of the respective loans.

Dennis Porter Proposes BTC-Based Smart Contracts and Receives Criticism

The CEO of Satoshi Action Fund (a non-profit institution), Dennis Porter, shared a tweet that another substitutive method is possible for the government of the United States to deal with the issue of student loans. As per Porter, each of the debtors could get approximately $10,000 worth in Bitcoin and keep that for ten years in a smart contract.

According to the non-profit executive, the respective contract should have an amount sufficient to recompense the remaining balance after its release. Porter got condemned by the community participants for mentioning a smart contract because a few were of the view that the network of Bitcoin cannot potentially support this.

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A Twitter consumer advised porter that he should not just merge the different things, whereas the rest of them noted that not everything could be resolved with Bitcoin. While replying to the Twitter thread, John Wingate mentioned that only Bitcoin cannot handle this. He also inquired Porter whether he admits by this that Bitcoin requires expansion in the use cases thereof.

Notwithstanding the criticism made on BTC’s smart contract compatibility, Porter did not retreat and defended his proposal. The executive additionally provided a link to the instructions elaborating a method through which Bitcoin can be time locked with the utilization of smart contracts. Along with the article, Porter emphasized that the lightning network’s main focus was smart contract compatibility.

Skybridge CEO Says BTC Requires Entering Billion-Plus Zone

The suggestion of Porter may be related to the assumption that the primary crypto asset could perform as a hedge confronting inflation and that a considerable increase will be witnessed in its value with time so much so that a student load could be recompensed with that.

Nonetheless, in the case of Bitcoin, Anthony Scaramucci (the CEO of Skybridge Capital) is of the view that there is a need for the crypto asset to progress. The CEO claimed that if Bitcoin (BTC) is capable of and moves ahead to enter the billion-plus area in terms of its consumers then it can generate substantial revenue.

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Nathan Ferguson

By Nathan Ferguson

Nathan Ferguson is a talented crypto analyst and writer at Herald Sheets, dedicated to delivering comprehensive news and insights on the ever-evolving digital currency landscape. With a strong background in finance and technology, Nathan's expertise shines through in his well-researched articles and thought-provoking analysis. He holds a degree in Economics from the University of Chicago, and his passion for cryptocurrency drives him to stay up-to-date with the latest industry trends and developments.