Bitcoin Recommended Amid US Treasury ‘Looting

Bitcoin Recommended Amid US Treasury 'Looting

Bitcoin Recommended Amid US Treasury ‘Looting

Crypto influencers advocate for investing in assets like Bitcoin and gold due to increasing concerns over the US national debt. 

Two cryptocurrency influencers on X have urged their followers to purchase Bitcoin, gold and silver citing the possibility of an increase in the national debt in the United States as the reason for their plea.

Crypto Influencer Urges Bitcoin Investment

Entrepreneur and angel investor Balaji Srinivasan stated in an article published on X on March 11 that Bitcoin offers the only practical solution to evade unsustainable government spending and the risk of asset confiscation.

“We are currently in the looting-the-treasury phase of imperial collapse,” the former chief technology officer of Coinbase informed his 994,000 followers.

In his argument, Srinivasan maintained that the government’s debt and wasteful spending continue to increase at levels that are not sustainable.

Since 2020, the United States’ national debt has increased by 25 percent, reaching a record high of $34.5 trillion. As a general partner at Andreessen Horowitz (a16z), Srinivasan stated there are four different ways to approach the issue.

Bitcoin Recommended Amid US Treasury 'Looting
U.S. national debt since 2000. Source: St. Louis Fed

These include denying that it is occurring, attempting to fix it through political processes, giving up and “simply feeding yourself at the trough,” or the final option, which is radical but realistic.

“Starve the beast with Bitcoin, which is money they can’t easily seize or print.”

He also mentioned that the government’s deficits are currently at $10 billion per day and will continue to grow. Robert Kiyosaki, the author of Rich Dad, Poor Dad, recommended “being prepared” and investing in assets that can store value, such as Bitcoin, in an article published on March 11.

“Debt increasing by $1 trillion every 90 days. America is sick. Prepare now. Buy more gold, silver, Bitcoin. Please take care.”

In the meantime, Srinivasan issued a warning that the “ravenous state” would consider seizing private assets as the date of the financial reckoning draws near.

Srinivasan provided a few examples, such as freezing Russian assets, seizing assets of Canadian truck drivers who were protesting and using Delaware against Elon Musk and New York against Donald Trump.”

The state will not protect private property in a bankrupt Blue America,” he remarked, before adding:

“Fortunately, we have Bitcoin, which isn’t dependent on the state and can’t easily be seized.”

In March 2023, Srinivasan famously bet $2 million that Bitcoin would reach $1 million by June of that year due to hyperinflation in the United States.

He predicted this would happen because hyperinflation was occurring in the United States. This week, the United States will be the site of the release of a substantial amount of economic and inflation data.

The figures include the adjusted core consumer price index (CPI) for February, the producer price index (PPI) for Februaryband inflation rate for the following year.

Bitcoin Recommended Amid US Treasury 'Looting
This week’s U.S. economic calendar. Source: @markets_bot on X

The Kobeissi Letter, an influential macroeconomic publication, noted that a strong CPI inflation report this week would shape the tone of the March Fed meeting.

According to the statistics provided by the Chicago Mercantile Exchange, the likelihood of the Federal Reserve maintaining the current level of interest rates on March 20 is as high as 97% probable.

Currently, the interest rates in the United States are 5.5%, the same level they have been at since July 2023. 

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