Bitcoin (BTC) proponents are again in shock this week as the true size of the US Fiat debt bubble dissolves.
The market analyst reported, citing statistics from the US Treasury Department on May 7 Mati Greenspan found that the The country’s total public debt has exceeded $ 25 trillion for the first time.
The United States adds $ 24 million per minute in debt
The unenviable achievement comes after huge public funding rounds from the Trump administration through the Federal Reserve. Since April 9, the mountain of debt has increased by $ 1 trillion.
Greenspan notes that this equates to $ 24 million a minute last month.
According to the online surveillance resource USA Debt Watch, Each taxpayer now has $ 201,000 in debt, which puts the $ 1,200 selective checks received a few weeks ago into perspective.
Greenspan commented that the $ 25 trillion threshold was crossed with a well-known meme among cryptocurrency fans: the “BRRR” sound used to describe the Fed press.
US government debt USA, since 1942. Source: TradingEconomics / US Treasury. United States
A century of warnings cannot be heard
As Cointelegraph often reports, are economists who do not follow the inflation policy that he supports Governments have long warned that inflation cannot create wealth.
The grim reality of money printing is a frequent topic of discussion in Bitcoin circles, particularly in the financial news showing the Keizer report, as well as on social media and in the popular Saifedean Ammous book “The Bitcoin Standard” “”
Long before Bitcoin existed, dissenting voices criticized the irrational behavior of central banks, which inflated the money supply. Henry Hazlitt, in particular, predicted the current situation in his pioneering book Economics in a Lesson, published just one year after the end of World War II.
In the meantime, others continue to face the absurd deterioration in the fiat currency. A dedicated Twitter account that covers US stimulus checks. USA points this out A check invested in Bitcoin on April 15 would now be worth it USD 1,609.
In mid-April, Cointelegraph reported that the percentage of deposits and purchases worth $ 1,200, the exact value of the stimulus check, had increased more than four times, according to Brian Armstrong, CEO of Coinbase.