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US debt reaches the equivalent of 2,650 million Bitcoin

June 11, 2020

The United States currently has a debt of 2.65 billion Bitcoin (BTC). That is more than 21 times the number of coins in circulation.

According to the numbers on the United States National Debt Clock, The country’s gross debt exceeded the historic $ 26 trillion mark for the first time.

US debt since March it surpasses Bitcoin supply

The almost unimaginable number results from several months of inflationary measures by the Federal Reservewhere the supply of dollars has increased dramatically.

US debt reaches the equivalent of 2,650 million BitcoinUS debt reaches the equivalent of 2,650 million Bitcoin

As Cointelegraph reported this week The U.S. M2 money supply is now at a record high of $ 18.115 trillion, while the Fed’s balance sheet has exceeded $ 7 trillion.

The debt milestone did not go unnoticed for Bitcoin advocates;; the Twitter account of @ Bitcoin He found that the number as of June 11 was 2,653,061,224 BTC.

In just two months Added @bitcoin, The account had risen by 204,081,632 BTC, far more than Bitcoin’s fixed offering of 21 million units.

US. Debt comparison to GDP

US debt versus GDP comparison. Source: JustFacts / US Treasury

OECD: More “necessary” public debt

The debate over digital scarcity continues the week the Federal Reserve will meet to discuss how to get out of the collapse caused by corona virus.

M2 growth showed the opposite path from Bitcoin to Fiat in terms of money supplyWeeks after the third block subsidy of the cryptocurrency, emissions and inflation halved to 1.8%.

At the same time, a damn report from the Organization for Economic Cooperation and Development (OECD) raised and argued for serious doubts about the so-called V-shaped economic recovery Governments should prepare for a second wave of corona viruses.

“State-of-the-art monetary policy and an increase in public debt are necessary and accepted as long as economic activity and inflation are depressed and unemployment is high,” he said.

“However, debt-financed spending must be targeted to support the most vulnerable investments needed to make the transition to a more robust economy.”

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