Bitcoin’s Market Cap Pales in Comparison To Fresh Money Created By US Fed
The US Debt Clock indicates that the country’s national debt is more than $23 trillion. This implies a debt of $69,724 per US citizen, with the debt to GDP ratio being 106.65%.
The US debt scenario was highlighted by Bitcoin enthusiast who is identified by the Twitter handle ‘Rhythm’.
The Twitterati further argued that the debt burden of US should be one of the main reasons for investing in Bitcoin (BTC). Another crypto enthusiast further correlated the total debt with Bitcoin value through the following tweet:
“That’s more than $1,000,000 debt per 1 Bitcoin.”
Max Keiser, a crypto advocate well known for Keiser Report show on television, has stated that central banks are indirectly playing a crucial role in the success of Bitcoin. He gave his opinion while speaking with tech news outlet Hackernoon.
To validate his argument, he highlighted the effect of the US Fed’s quantitative easing program on the value of Bitcoin:
“It bottomed when the Fed signaled ‘Infinite QE’ recently at around $3,300 BTC. Global Central Banking is about to go bust. […] All fiat money will die.”
The US national debt just hit $23 trillion.
There’s now 23,000,000,000,000 reasons to buy bitcoin.
— Rhythm (@Rhythmtrader) November 1, 2019
Bitcoin supporters, of late, alerted crypto investors and general public about the hundreds of billions in fresh funds created out of thin air by the US Federal Reserve in a matter of few days. Notably, Bitcoin’s total market cap of $165 billion pales in comparison with the fresh money created by the US Fed.
Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.