The crypto market has grown tremendously in 2021, with the global market cap surpassing $2 trillion for the
The US national debt has passed the $30 trillion mark and even all the bitcoins in the world are unlikely to reach that level.
Follow Data According to the latest official statistics, the US national debt is at an all-time high, breaking the psychological $30 trillion mark for the first time this week.
Bitcoin has value has not arrived yet 3% of the United States national debt
After two years of injecting liquidity by issuing more debt, the Federal Reserve is attempting to contain the sources of its incomprehensibly high debt burden.
$30 trillion is such a large number that the total crypto market cap is like a grain of sand in the desert.
With a current market cap of $713 billion, Bitcoin accounts for just 2.43% of the total national debt.
So even if the US buys all of the BTC in circulation, it will still only pay a fraction of its debt.
Bitcoin advocates seriously discussed the issue on social media:
“As the debt spiral continues to mount, the purchasing power of the US dollar continues to be sacrificed in favor of Wall Street politics and bailouts. Bitcoin can solve this,” on-chain analyst Dylan LeClair summary.
Meanwhile, Chief Strategy Officer Alex Gladstein at the Human Rights Foundation emphasize the need to self-create US debt even if the dollar appreciates.
“The ingenious design of the decades-old international dollar system (1944, 1973…) to extend market interest rates and demand for US debt, even when clearly discredited.”
In the meantime, balance sheet The Fed’s accounting now stands at $8.86 trillion, a new all-time high.
Federal Reserve Balance Sheet Chart | Source: Federal Reserve
$40 trillion in 3 years?
Meanwhile, Peter Schiff, with a rarely unanimous opinion, made a gloomy forecast for the general debt trend.
Despite the Fed’s pledges to reduce the balance sheet, Schiff believe Total debt will reach $40 trillion by 2025.
His son, Spencer Schiff, who is known for his pro-Bitcoin stance, noted that the journey from $20 trillion to $30 trillion took just under five years.
With the advantage of bitcoin’s limited supply and fixed issue, both ensure that it remains the “hardest” supply money — and possibly the “hardest” money ever created.
Subscribe to Bitcoin Magazine Telegram to follow updates and comment on this article: https://t.me/coincunews
According to Cointelegraph