Bitcoin doesn't care when US public debt exceeds $ 24 trillion

UBS: Bitcoin hits $ 213,000 to be able to replace the US dollar

US public debt has surpassed US $ 24 trillion for the first time in history when President Donald Trump's four-year term increased by US $ 4 trillion.

According to data from online monitoring resources Trading Economics, total US public debt is currently at $ 24.018 billion on April 9. This amount is equivalent to US $ 72,888 per US citizen, or US $ 19,805 per taxpayer.

Huge pile of American debt

The huge amount of indecipherable debt of the world's No. 1 economy came weeks after the US Federal Reserve (Fed) launched an unprecedented money printing program.

With the provision of US $ 6 trillion of liquidity, the Fed led the response to the financial impact of the coronavirus crisis, thereby forecasting the US unemployment rate to reach 13%.

As Toiyeubitcoin previously reported, in terms of scale, $ 6 trillion alone was similar to the entire domestic product, or GDP, of the United States in 1990.

American public debt from 1942 to the present. Source: Trading Economics
American public debt from 1942 to the present. Source: Trading Economics

Contrary to the worsening health of the fiat economy, Bitcoin (BTC) has managed to weather this storm without any bailout from the government. At the time of writing, the BTC / USD pair is trading up 2.1% from the year earlier price - $ 7,350.

Traditional markets, meanwhile, have seen bad performance this year. For example, the S&P 500 has dropped 14.9% since the beginning of the year, while WTI oil has evaporated nearly 58%.

According to data from JPMorgan cited by Bloomberg, Covid-19 could cost the world a total of $ 5.5 trillion in annual production.

Schiff: Trump is "depleting the national budget"

Meanwhile, commenting on the huge public debt, famous gold advocate Peter Schiff saw a rare consensus with Bitcoin supporters when he realized the dangerous pace Trump was exaggerating.

"He will increase debt by 4 years compared to Bush did in 8 years," Schiff write on Twitter on Thursday.

“If re-elected, the debt he creates in 8 years will be more than Bush & Obama made in 16 years. Instead of draining swampy water, he's draining the national budget. ”

Note: "Drain the swamp" - is a slogan to fight corruption in Trump's campaign.

That "swamp" created a mass exodus into gold and a crisis involving the gold market, the famous TV presenter backed Bitcoin Max Keizer warned last week. Meanwhile, this week, he said it was irresponsible to sell BTC in exchange for what he called a "fiat discount code" - paper money.

Bitcoin has also received support from Robert Kiyosaki - author of the famous book "Rich Dad, Poor Father", who yesterday argued that using BTC allows people to exit the fiat currency system. .

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According to CoinTelegraph
Translated by ToiYeuBitcoin