U.S. President Donald Trump recently praised the positive effects of Bitcoin (BTC), priced at $107,919, on the U.S. economy, including relieving "pressure" off the U.S. dollar during a press conference held at the White House on Friday.

The president confirmed that he is a fan of the cryptocurrency industry, which has grown to become a sector that cannot be ignored due to geostrategic competition. Trump added:

"It has become amazing. I mean, it creates jobs, and I notice that you are paying more and more with Bitcoin. People say it relieves a lot of pressure off the dollar, and that's great for our country."

Digital asset researcher Anders Eke noted that Trump's comments were an indication of the Triffin dilemma, or the conflict of interest between being the issuer of the world's reserve currency, maintaining a healthy trade balance, and ensuring the long-term value of the currency.

As the issuer of the world's reserve currency, the United States must endure a persistent trade deficit to meet global demand for the dollar, so that foreign countries can settle their trade and use the dollar as a store of value against local paper currencies that are depreciating faster.

This provides a short-term solution to meet global liquidity demand at the expense of the long-term value of the currency, as the ongoing trade deficit is financed by money creation, which undermines the value of the U.S. dollar.

Trump has previously raised the idea of paying off the national debt using Bitcoin, alluding to the imbalance between the inflated dollar and limited-supply assets.

However, critics said that even if the U.S. Treasury owned the entire Bitcoin supply, it would not be enough to cover the growing U.S. national debt of $37 trillion, which will continue to grow, ultimately leading to a collapse in the value of the dollar.

The macroeconomic expert and Bitcoin advocate Lynn Alden coined the phrase "Nothing stops this train" - referring to the strong likelihood that global governments will never stop printing money and destroying the future value of their national currencies.

The Dollar Index (DXY), which measures the strength of the U.S. dollar against a basket of major currencies, recorded its lowest level in three years on Thursday.

The decline in the dollar's strength comes amid rising yields on U.S. government bonds, indicating a decline in investor confidence in the U.S. government's creditworthiness and the sustainability of its debt.

Cointelegraph