All the bitcoins in the world can only pay 2.43% of the US national debt of 30 billion dollars

The national debt of the United States has exceeded 30 trillion dollars – and even all the Bitcoin ( BTC ) in the world would barely touc...

The national debt of the United States has exceeded 30 trillion dollars – and even all the Bitcoin (BTC) in the world would barely touch it.

According to the last official statisticsthe US national debt is at levels never seen before, breaching the $30 trillion psychological barrier for the first time this week.

Bitcoin is worth less than 3% of the US national debt

After two years of liquidity injections fueled by the issuance of even more debt, the Federal Reserve is trying to bring what has become a virtually incomprehensible debt burden under control.

$30 trillion – $30,000,000,000 – is such a vast number that it even makes the entire cryptocurrency market capitalization look like a drop in the ocean.

Regarding Bitcoin in particular, with a market capitalization of $731 billion, it represents 2.43% of the total national debt.

As such, even if the US bought all the BTC in circulation, it would still only be repaying a tiny portion of its debt.

The sheer size of the total has not gone unnoticed by Bitcoin proponents, who have seriously discussed the topic on social media.

“As the debt spiral increases, the purchasing power of the dollar will continue to be sacrificed for political interests and Wall Street bailouts,” said on-chain analyst Dylan LeClair. abstract.

“Bitcoin is fixing that.”

Alex Gladstein, director of strategy at the Human Rights Foundation, meanwhile, Underline self-created demand for US debt, even as the dollar bleeds value.

“Brilliant design of the international dollar system over the decades (1944, 1973, etc.) to prolong market interest and the need for US debt even as it is clearly discredited,” he wrote. .

The Fed balance sheetmeanwhile, now stands at $8.86 trillion, a new all-time high.

Federal Reserve balance sheet (screenshot). Source: Federal Reserve

40 trillion dollars in three years?

In a rare point of agreement, gold bug Peter Schiff, meanwhile, delivered a grim forecast for the overall debt trend.

Related: Inflationary winds around the world herald a sea change for Bitcoin

Despite the Fed’s purported pledges to reduce the balance sheet, Schiff believes the $40 trillion mark for total debt will be reached by 2025.

His son, Spencer Schiff, popular for his pro-Bitcoin stance, noted that the journey from $20 trillion to $30 trillion took less than five years.

Cointelegraph has reported extensively on the benefits of Bitcoin hard feed plug and fixed issueboth of which ensure that there is “hard” money left over – and perhaps the most “hard” money never created.