As of August 6, 2024, the US national debt stands at approximately $35.05 trillion. Historically, the debt has grown from $403 billion in 1923 to its current level. The debt-to-GDP ratio, a key indicator of a country’s ability to manage its debt, has surpassed 100% since 2013 and was at 123% in 2023.
Donald Trump recently proposed using Bitcoin to address the US national debt crisis. His plan includes making Bitcoin a strategic reserve and leveraging the cryptocurrency to manage the financial burden.
The US government currently holds about 207,189 Bitcoins, valued at approximately $10.46 billion. Other governments, including China, the UK, Ukraine, and Germany, also hold significant amounts of Bitcoin.
For Trump’s proposal to be viable, Bitcoin would need to reach an estimated value of $180 million per Bitcoin to cover the $35 trillion debt. Critics, such as financial expert Peter Schiff, argue that this expectation is unrealistic and could lead to inflation.
Bitcoin's price has shown significant volatility:
If Trump's plan gains traction, it could:
Bitcoin has experienced various price changes over time, reflecting its volatility. Recent trends show a sharp decline in August 2024, contrasting with the previous upward momentum.
Trump’s proposal to use Bitcoin to address the $35 trillion US debt is both bold and controversial. While it highlights growing interest in cryptocurrencies as strategic assets, it raises questions about feasibility and potential market impact. Whether this plan will benefit or harm the crypto industry remains uncertain, but it certainly sparks significant debate about the future role of cryptocurrencies in the global economy.
South African company Altvest plans to raise $210 million to buy Bitcoin and rebrand as Africa Bitcoin Corp. The firm aims to hold Bitcoin as a core reserve asset and list on regional and international exchanges.
WeatherlyRaoul Pal predicted that the number of crypto users could reach four billion by 2030, with the market potentially hitting $100 trillion by 2032. He based this on wallet growth compared to early internet adoption, though critics say wallet counts may overstate real usage.
AnaisSouth Korea’s FSC nominee, Lee Eok-won, sparked controversy by calling cryptocurrencies worthless and warning against pension fund investments. Critics say his stance ignores crypto’s real economic value and risks driving investment and talent abroad.
AnaisHollywood is making a new thriller called Killing Satoshi about the mysterious creator of Bitcoin, starring Casey Affleck and Pete Davidson. The film will explore Satoshi Nakamoto’s secrets and the global race for control over his $120 billion in untouched Bitcoin.
AnaisKidnappings, crypto manipulation and institutional corruption are no longer just the subplot of crime thrillers; they have become fixtures of our digital reality.
XingChiMetaplanet, a Japanese firm known for its aggressive Bitcoin accumulation strategy, has announced plans to raise approximately $880 million through an overseas share issuance.
XingChiThe UAE has built a Bitcoin reserve of around 6,300 BTC, worth up to $740 million, mainly through state-backed mining. This makes it one of the largest national holders, ranking just ahead of El Salvador.
AnaisA Philippine lawmaker has proposed that the central bank buy 2,000 bitcoins each year for five years, creating a national reserve of 10,000 coins. The plan aims to strengthen the country’s finances and provide a long-term store of value alongside traditional reserves like gold and foreign currency.
WeatherlyJapan plans to tax crypto profits at a flat 20% instead of rates as high as 55%. The regulator also aims to allow crypto ETFs and approve the country’s first yen-backed stablecoin.
AnaisArthur Hayes, the BitMEX co-founder pardoned by Donald Trump, has invested in a stem cell firm with clinics in Mexico and Bangkok. He is also backing crypto treasury firms while warning that the market may already be overheating.
WeatherlyRipple-SEC legal battle continues with focus on SEC's motion for Ripple's financial data. Judge grants Ripple's request for a sur-reply. XRP price at $0.514, facing market fluctuations amidst ongoing legal developments.
Huang BoExplore the high-stakes legal showdown between Ripple Labs and the SEC. This article delves into the implications of the Ripple-SEC case for XRP, potential Ripple spot ETF, and the broader cryptocurrency market.
BrianThe Wiki Finance Expo, Sydney 2023, scheduled for November 16th, is set to highlight key areas including regulation, Forex, Crypto, Web 3.0, Metaverse, AI, and ESG.
OliveAt one of the keynote speeches, Aragon Han from Vatee talks about exploring the impacts of the rise of the anti-USD movement.
Coinlive The long-running legal spat between Ripple and the SEC and Ripple is drawing close after two years.
cryptopotatoThe SEC and Ripple both recently filed motions to deny the other’s request for a summary judgment.
BeincryptoCrypto attorney Jeremey Hogan has pointed out what he terms as confusion regarding the handover of former SEC Division Director William Hinman’s emails
FinboldHoskinson disagrees with Ripple's lawyers' approach to arguing the case against the SEC.
BeincryptoRipple defense attorney James K. Filan has publicized a motion by the company and its accused executives, requesting summary judgment.
BeincryptoThe DeFi space continues to bring up disruptive innovations that cut across different industries and economies. The internet community has ...
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