Crypto Gurus Call for Bitcoin Investment amid US National Debt Crisis
Summary:
Cryptocurrency influencers on 'X' platform have urged followers to invest in Bitcoin, gold, and silver due to the U.S.'s escalating national debt. Entrepreneur Balaji Srinivasan highlighted Bitcoin as an escape from irresponsible government spending and possible asset seizure. He suggested four options- ignoring the issue, addressing it politically, capitulating, or minimizing the issue through Bitcoin. According to him, government deficits are increasing by $10 billion daily, making the 'Bitcoin approach' a viable solution. 'Rich Dad Poor Dad' author Robert Kiyosaki echoed this sentiment, encouraging investment in value-retaining assets like Bitcoin. Both cautioned about the potential seizure of private assets by a cash-strapped state.
A duo of cryptocurrency gurus on the platform 'X' have sent out a rallying cry to their fans to invest in Bitcoin, gold, and silver because of the threat of a mounting national debt in the United States. Balaji Srinivasan, an entrepreneur and business angel, asserted in a post on 'X' published on March 11 that Bitcoin - BTC, is the lone viable escape from the certain fate of reckless government expenditure and possible sequestration of assets. “We've entered the treasury plundering phase of a collapsing empire,” the ex-chief technology officer of Coinbase informed his almost a million followers.
Balaji pointed out the continuing rapid expansion of government debt and uncontrolled spending that is unsustainable. The current US national debt has smashed all records, standing at $34.5 trillion, marking a 25% surge since 2020. Balaji, a key stakeholder at Andreessen Horowitz (a16z), gave the four possible solutions: disregard its occurrence, tackle it through political avenues, yield, and get a healthy fill at the "trough," or reduce the power of the beast via Bitcoin, which isn't an easy target for seizure or minting excess.
He stated the latter is an extreme yet plausible approach, commenting that government shortfalls are presently hitting $10 billion each day and escalating. Robert Kiyosaki, the writer of 'Rich Dad Poor Dad,' echoed this sentiment in his own March 11 post, advising individuals to "brace yourselves." and putting resources into value preserving assets like Bitcoin. "The debt is expanding by $1 trillion every three months. America is ailing. Protect yourselves. Invest in more gold, silver, Bitcoin. Ensure you're taken care of," he urged.
Simultaneously, Balaji cautioned that if the financial day of reckoning draws near, the "insatiable state," may aim its sights on private assets for seizure. He relayed numerous instances such as the confiscation of assets from Canadian demonstrators, freezing Russian assets, and the targeting of Delaware against Elon [Musk] and New York against [Donald] Trump.
"Private property is at risk in financially bankrupt Blue America. The state will not offer protection," he asserted, before stating, "Thankfully, we have the security of Bitcoin, which isn't reliant on the state and not easy to confiscate."
In March 2023, Srinivasan boldly staked $2 million on an audacious prediction that BTC would hit the $1 million mark by June of the same year on account of rampant hyperinflation in America.
A flood of economic and inflation data are due for release in the U.S. this week. These stats comprise February's adjusted core CPI (Consumer Price Index), PPI (Producer Price Index) for February, and one-year inflation forecast rates.
Armed with the data from this week's economic calendar, The Kobeissi Letter, a macroeconomic outlet, opined, "A bloated CPI inflation report this week would very much dictate the direction of the March Fed meeting." Statistics from the Chicago Mercantile Exchange demonstrated a staggering 97% chance of the Federal Reserve maintaining the status quo on interest rates come March 20. The interest rates in America are sitting pretty at 5.5%, a figure that has remained static since July 2023.
Published At
3/11/2024 9:03:17 AM
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