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Bitcoin price has pulled down the cryptocurrency markets, causing altcoins to continue their volatile and uncertain trend with greater risk of losses. The recent data has not been positive for cryptocurrencies. However, some experts still believe that the current prices are great buying opportunities.
How Much is the US Debt?
The national debt of the United States continues to grow every day with billions of dollars added to it. The debt added in just one day exceeds the market value of most cryptocurrencies. The total debt of the United States has increased to 10 million BTC, equivalent to 275 billion dollars. The total debt has reached a peak of 33.44 trillion dollars.
Today, cryptocurrency expert Samson Mow questioned the massive increase in debt and why people are unreactive compared to the market value of Bitcoin.
“This is something like 10 million BTC. And there are still people who are not sure if the current price of $27,000 is a good price to buy.”
Compared to Ethereum, the daily debt added is much higher than the market value of the altcoin king. 25% of the total market value of all cryptocurrencies is being added to the US debt.
A $33 Trillion Debt
Two weeks ago, the total debt of the United States surpassed $33 trillion for the first time. According to the Kobeissi Letter, this means that the United States has added $32 billion in debt every day for the past two weeks. If this continues at the same pace, the monthly debt added will reach $1 trillion. This is almost equal to the total market value of all cryptocurrencies.
According to Goldman Sachs analysts, 4% of the GDP will go towards debt by 2025. It has long been said that the increased borrowing costs due to the Federal Reserve’s interest rate hikes have increased the burden of the US debt.
The Peter G. Peterson Foundation predicts that the United States will pay $10.6 trillion in interest on this debt over the next 10 years. Other estimates suggest that the national debt-to-GDP ratio will rapidly increase. According to a projection by the Congressional Budget Office, federal debt could reach 181% of GDP by 2053.
We will see a rapid increase in the debt figure as there are no restrictions on the debt ceiling until January 2025. As the debt and the amount paid continue to increase by trillions of dollars, how will scarce assets such as gold and BTC perform? Due to the policies of the Federal Reserve, these assets are currently unable to make the expected breakthrough, but it would not be surprising to see a significant change at some point.
