CEO of Coinbase Brian Armstrong has been offered bitcoin BTC/USD as a possible solution to the growing national debt of the United States.
What happened: His comments were in response to a tweet from the analyst. Robert Sterlingwho highlighted the rapid rise of the national debt through a color-coded graph.
The sterling chart showed an explosion in the national debt, with each color meaning an additional trillion dollars. His tweet read: “This is the scariest graphic I've ever made. Each color shows $1 trillion being added to the national debt. “Now we are adding one every 90 to 120 days.”
The pound warned about the pace at which debt was accumulating, signaling the acceleration under the current administration. “With Biden in the White House and a closely divided Congress, we are now adding $1 trillion to the debt every three to four months,” he added.
In clear terms, Sterling described the scale and speed of debt growth, noting that it took just over three months to rise from $32 trillion to $33 trillion, followed by another $1 trillion added in 104 days. He also projected the cost of continued borrowing: “When [Biden] or Trump enters his respective second term in 2025, the debt will likely exceed $37 trillion.”
Armstrong suggested a lack of viable policy solutions and proposed an alternative approach. “Unfortunately, there is currently no candidate who can fix this,” he said. Armstrong then offered a personal financial action: “However, you can buy Bitcoin as a way to vote with your dollars, send a clear message, and potentially even save the US in the long run.”
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Because it is important: The Treasury Department confirms that the total public debt amounts to $34.47 trillion. This figure represents the entire borrowing history of the U.S. federal government, tracked and reported daily.
In November 2023, rating agency Moody's changed the U.S. government's financial health outlook from stable to negative, but maintained the highest quality rating for long-term federal debt.
CNBC reports a faster pace of debt growth, with the federal debt burden increasing by about $1 trillion almost every three months. Bank of America strategist Michael Hartnett suggests this trend is likely to continue for the foreseeable future.
price action: At the time of writing, BTC was trading at $72,075, up 0.46% in the last 24 hours.
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Photo by Useacoin on Shutterstock
