US National Debt Crisis continues to escalate total debt According to, the total amount owed now exceeds $35 trillion. new fiscal data. Over the last two years the United States’ debt has increased at a rate unprecedented, while the country recovered from the COVID-19 epidemic and rising inflation. With speculation of an Bitcoin Bitcoin Adoption Could Increase Due to US Debt Crisis?
Bitcoin’s value could reach new highs due to the rising US debt. Each person living in the United States owes an average of more than $105,000. Matt Bell, CEO of Turbofish believes Bitcoin can be a safe haven for US investors during this time of economic turmoil. “The recent news of the US national debt reaching the record high of $35 trillion highlights growing concerns around the sustainability of traditional fiat currencies,” In a written statement, he stated. “This situation stresses the importance of Bitcoin as ‘hard money’ — a decentralized and deflationary asset that offers a hedge against currency devaluation.”
Bitcoin is without a doubt one of the strongest cryptocurrencies available. It is no surprise that the token has been dubbed “the king of cryptocurrency” because of its huge market popularity and momentum. Bitcoin ETFs are now on the market and available for investment. BTC is a major topic in politics, as it was discussed in both the US presidential election and the Senate.
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Bitcoin Could Explode During the US Debt Crisis
US Senator Cynthia Lummis proposed creating a “Bitcoin Purchase ProgramThe maximum amount of BTC per year is 200,000 BTC over a period of five years. The “Bitcoin Act of 2024,” The following are some of the ways to improve your own understanding. “establish a decentralized network of secure Bitcoin storage facilities distributed across the U.S.” The vaults would be located in the selected locations “based on a comprehensive risk assessment, prioritizing geographic diversity, security, and accessibility.” The Senator thinks that Bitcoin could become the new reserve currency of the US Government and save the US Dollar.
This fall, another supporter of the concept could also be elected US President. Rumors began to circulate earlier in the year about Donald Trump’s interest in a Bitcoin bank. He was reportedly exploring the idea Making BTC the reserve asset is a good way to go. He also said that the US must outpace China when it comes to crypto adoption.
Also Read: BRICS: United States to Use Bitcoin to Save the Dollar?
Bitcoin itself may reap huge benefits. While it is possible that the US would benefit by establishing Bitcoins as reserve currencies, Bitcoins themselves could also see a surge in value. BTC has already started to climb back up towards $70,000, and will reach a new high of all time in March 2024. A Bitcoin reserve could be established in the US and cause the asset to rise even further.
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Source: watcher.guru