Bitcoin’s Resilience in Face of Surging US Debt

Amidst a backdrop of an impending global financial crisis and the ever-growing national debt of the United States, the US Department of Treasury has recently elevated the country's debt by an amount exceeding half of Bitcoin's entire market capitalization in a single day.

To be precise, the US national debt ballooned by $275 billion within a 24-hour period, reaching an unprecedented high of $33.442 trillion. In comparison, at the time of this report, Bitcoin’s total market capitalization stood at $536.69 billion, as confirmed by Samson Mow, CEO of Pixematic and JAN3, in a post on October 4.

Samson Mow, who is also a key strategist behind El Salvador’s Bitcoin bonds initiative, highlighted that the staggering US debt figure is roughly equivalent to 10 million BTC. He also commented on the ongoing debate surrounding whether the current Bitcoin price of around $27,500 is a favorable entry point, considering the state of the flagship DeFi asset.

In a single day, the US added more than half of #Bitcoin’s entire market cap in debt. That’s something like 10 million @BTC. And yet there are still people that are unsure if $27k is a good price to buy. pic.twitter.com/RMxdzB01yL

— Samson Mow (@Excellion) October 4, 2023

Despite Bitcoin’s current price being significantly higher than its early days, it remains considerably below its all-time high (ATH) of $69,000, achieved in November 2021. This discrepancy has prompted many cryptocurrency traders and investors to consider this juncture as an opportune moment for acquiring Bitcoin.

Among these proponents is Robert Kiyosaki, renowned author of the bestselling personal finance book ‘Rich Dad Poor Dad.’ Kiyosaki recently shared his perspective that Bitcoin remains a relatively affordable investment at present. Still, he anticipates a shift in sentiment as more individuals recognize its merits and rush to invest, ultimately driving up its price.

Author

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.