Bitcoin Doesn't Mind the Huge $24 Trillion in US Debt
According to data from the online economic monitoring channel Trading Economics, the US national debt stood at $24.018 trillion as of April 9, equivalent to $72,888 per US citizen, or $193,805 per US citizen. taxpayers.
The US National Debt Grows Like a Mushroom
The unimaginable scale of the national debt comes weeks after the Federal Reserve began an unprecedented money-printing program.
Providing $6 trillion in liquidity, the Fed is leading the way in response to the global pandemic's impact on the economy, which in turn is forecast to lead to a 13% drop in the US unemployment rate.
As prime xbt previously reported, $6 trillion in size is the equivalent of the gross domestic product, or GDP, of the United States in 1990.
In stark contrast to the economic downturn, Bitcoin (BTC) can still manage to weather the storm without any bailout from the government. At the time of writing, the BTC/USD trading pair is up 2.1% from early 2020, at $7,350.
Meanwhile, typically the S&P 500 has fallen 14.9% since the beginning of the year as well as WTI oil that has crashed nearly 58%.
According to data from JPMorgan cited by Bloomberg, COVID-2019 could cost the world a total of $5.5 trillion.
Schiff: Trump is "withdrawing the whole country"
Commenting on the debt mountain, “gold bug” Peter Schiff showed rare unity with Bitcoin supporters when he saw the dangerous speed that President Trump was inflating.
"He will add more debt in 4 years than Bush did in 8 years," Schiff wrote on Twitter on Thursday.
“If re-elected, he will add more debt in eight years than Bush and Obama did in 16 years. Instead of 'draining the swamp', you are 'draining the nation'.”
That "swamp" is now creating a mass rush into gold and into a crisis involving the gold market, Max Keizer warned last week. This weekend, he argued that selling BTC is morally irresponsible for what he calls “fiat bonds” — fiat money.
This week, Bitcoin also received renewed support from Robert Kiyosaki, author of the popular book “Rich Dad, Poor Dad,” who argued that using it allows one to “be out of the system.” of fiat money.
"Drain the swamp" - roughly translated "drain the swamp" - anti-corruption slogan of Trump's election campaign
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