Friday, April 19, 2024

Bitcoin can only pay 2.43 percent of the $30 trillion US national debt.

The National debt of the United States has crossed $30 trillion, and not even the world’s worth of Bitcoin (BTC) can pay off this amount of debt. As per the recent official data, the United states’ national debt is at a new level that has never been seen before. This is a first when it has passed the psychological bar of $30 trillion this week.

Government loans increased during the time of the Covid-19 pandemic to save the economy of the country from blowing during the corona crisis. The national debt has surpassed the mark of $7 trillion since 2019. It is quite hopeless to know how the debt has increased this much. The economy specialists are split over how this is a huge problem to deal with at the moment.

This $30 trillion worth of debt is making the whole cryptocurrency market like a dot in a football field. If you consider the Bitcoin (BTC) market cap, which is roughly around $731 billion, it can barely cover around 2.4% of the total US national debt. So, even if the United States decided to buy all the Bitcoins in the market, it would only be able to cover a tiny chunk of the total debt.

Dylan LeClair, the on-chain analyst said, seeing how the debt has been spiraling, the value of the dollar will keep decreasing in Wall Street bailouts and political interests. With crypto gaining prominence, right now is the best time to invest in it.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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