Today’s cryptocurrency news show that Bitcoin may come right in time as an alternative during a record moment in United States’ history. According to data from the official Twitter profile related to the national debt of the US, the total national debt has surpassed $22 trillion for the first time ever.
This mountain of debt is another terrifying reminder of how fragile the fiat monetary system is. What’s interesting is that you can watch how the debt piles up in real time by visiting the site named the US debt clock.
$22,012,840,891,685.32 (+) #NationalDebt
— National Debt Tweets (@NationalDebt) February 12, 2019
In times like these, many people should be aware that Bitcoin matters, especially with its fixed supply and anti-inflationary policy. As such, BTC is an antidote in waiting which could be used in desperate times like these.
Jumping more than $30 billion in the last month alone, the national debt has been surging by more than $1 trillion in the last year alone. Ever since President Trump introduced his $1.5 billion tax cut plan last year, the debt has spiraled.
When the next global financial crisis occurs, and the world realizes organizations with $20 trillion in debt can't possibly ever pay it back, and thus must print it instead, and thus fiat is doomed… watch what happens to crypto.
— Erik Voorhees (@ErikVoorhees) November 8, 2018
As we can see from the ShapeShift CEO Erik Voorhees and his tweet above, Bitcoin is the alternative monetary system and the antithesis of fiat money like the dollar. Unlike fiat, BTC has a fixed supply so that central banks can’t endlessly print more of it. Plus, its monetary policy is not controlled or manipulated by any entity.
For now, the debt continues to build which is “another sad reminder of the inexcusable tab that the nation’s leaders have continued to run up” according to Judd Gregg and Edward Rendell of the Campaign to Fix the Debt.
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“Burn complete. I remember when I did the first burn of $1,500,000 USD equivalent in BNB, I was nervous as hell. Now, well, I am still nervous, lol. Fastest way to spend money.”Binance burns the circulating supply of the coin every quarter. BNB was initially issued as a way to finance the exchange but after Binance become one of the best exchanges out there, it used the 20 percent of the profits to buy back the BNB and decrease the supply of the asset. On the other hand, the market lost a chunk of its value and it is still expected in the next couple of days to retrace some of the larger gains if the cryptocurrencies manage to hold on to their momentum at current levels.
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