• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
      • Casino utan svensk licens
      • Non Gamstop Casinos
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Casinos
  • Play Games
  • Play Casino Games
  • Best crypto casino
Breaking News: KyberSwap Hacker Demands Full Control, Sets December 10th Deadline
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
      • Casino utan svensk licens
      • Non Gamstop Casinos
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Casinos
  • Play Games
  • Play Casino Games
  • Best crypto casino
Bitcoinist.com
No Result
View All Result
Breaking News: KyberSwap Hacker Demands Full Control, Sets December 10th Deadline
bitcoin

Bitcoin Bull Case Strengthens as U.S. National Debt Rockets to $26 Trillion

Nick Chong by Nick Chong
3 years ago
in Bitcoin
0

Bitcoin hasn’t done too well since late 2017. From the all-time high of $20,000, the cryptocurrency has collapsed by 50% as it now trades at $9,900.

Yet the fundamentals of Bitcoin are arguably stronger than ever as governments saddle themselves with more and more sovereign debt to keep their economies and underlying societies afloat.

U.S.’ Debt Growth Is Part of a Wider Trend

According to BNO News, the U.S. national debt has erupted to $26 trillion — around 30% higher than the economy’s national GDP for 2019. This is notable as the sum is up more than $2 trillion in the past two months alone, with the Treasury issuing debt to cover up the economic impacts of the global illness.

BREAKING: U.S. national debt hits $26 trillion, an increase of $2 trillion in 2 months

— BNO News (@BNONews) June 10, 2020

The swelling national debt of the U.S. is only part of a wider trend though.

According to Bitcoin bull Dan Held, currently of Kraken and formerly an executive at Blockchain.com, there’s been a more-than doubling in the global government debt over the past decade.

He found that global government debt rose from $30 trillion in 2007, prior to the Great Recession, to $70 trillion and “approaching infinity” today.

Global government debt:

2007: $30 Trillion
2020: $70 Trillion approaching infinity

It’s time for plan ₿

— Dan Hedl (@danheld) April 14, 2020

Like the U.S., all governments have effectively been forced to respond to the worse epidemic in decades with vast amounts of stimulus.

According to a separate analysis by Picton Mahoney, there has been approximately $20 trillion worth of stimulus since the outbreak began. This is equivalent to the total annual GDP of the U.S. and approximately 25 percent of the world’s GDP.

Decisively Bullish for Bitcoin

Prominent investors and analysts expect this trend to be decisively bullish for Bitcoin.

Paul Tudor Jones, a billionaire investor that is one of Wall Street’s most respected macro investors, identified BTC as a viable investment during these times of money printing. In fact, he said that Bitcoin is the “fastest horse in the race” in the current macro environment.

Tudor Jones wrote in a note titled “The Great Monetary Inflation”:

“Owning Bitcoin is a great way to defend oneself against the GMI, given the current fact set. […] I am not an advocate of Bitcoin ownership in isolation, but do recognize its potential in a period when we have the most unorthodox economic policies in modern history.  At the end of the day, the best profit-maximizing strategy is to own the fastest horse. f Iam forced to forecast, my bet is it will be Bitcoin.”

As reported by Bitcoinist previously, SpaceX and Tesla CEO Elon Musk has also picked up on this narrative as a bull catalyst for the cryptocurrency.

The world-famous technologist told J.K. Rowling of the Harry Potter franchise that Bitcoin looks “solid” in comparison to fiat money due to “massive currency issuance” by “government central banks.”

Featured Image from Shutterstock
Bitcoin Bull Case Strengthens as U.S. National Debt Rockets to $26 Trillion
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for many years now. My pieces and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

Related Posts

Ethereum

Ethereum Metaverse Game Immortalizes Rapper ‘The Notorious B.I.G.’

10 hours ago
BlackRock Bitcoin

BlackRock Has Actually Seeded Its Bitcoin Spot ETF, What This Means

12 hours ago
Cryptocurrencies

Cryptocurrencies Fund Inflows Skyrocket To $1.76 Billion, Fear/Greed Index At Pinnacle

13 hours ago
Platypus Finance

Platypus Finance Hackers Acquitted: ‘Ethical Hacker’ Defense Prevails

19 hours ago
Bitcoin

Bitcoin Goes Cosmic: US Space Force Official Labels Crypto As Nationally Strategic

1 day ago
Crypto

Crypto Leaders Sound The Horn: Bitcoin Bull Run Onward, Eyes $100,000 By 2024

2 days ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Top Casinos

Trust Dice
Trust Dice
Punt Casino
Punt Casino
mBit
mBit
Inmerion
Inmerion

Press Releases

  • Top 3 Altcoins to Explode in December: BNB, ADA, and QUBE

    7 hours ago
  • Avalanche and NEAR Protocol Displaying Promise, While a New...

    7 hours ago
  • Crypto Race 2023: Rebel Satoshi, Arbitrum, and EOS Lead the...

    8 hours ago
  • 3 Reasons Memeinator Tops List of Altcoins to Watch in 2023

    12 hours ago
  • Meme Coin that Makes an Impact – How Chimpzee Strengthens...

    12 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
      • Casino utan svensk licens
      • Non Gamstop Casinos
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Casinos
  • Play Games
  • Play Casino Games
  • Best crypto casino

© 2023 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.