Show the bulls on the rise Bitcoin Bitcoin, a huge force in driving its price back to 500 thousand dollars, in the past weeks.
Meanwhile, members of the US government have reopened Pandora's Box Pandora In an attempt to raise their debt ceiling: to mint a coin 1 trillion dollars and prevent them from defaulting on their national debt.
He explained Peter St. Onge He is a PhD in economics and a research fellow at the Institute of Heritage Heritage, in an article entitled “A Trillion Dollar Coin: Rocket Fuel for Bitcoin.”
This action has been postponed at the expense of 480 Billion dollars taken from the American public, but the company Bitcoin And its holders have already benefited.
as pointed out ong The United States government has been paying its debt limits for several decades.
Indeed, it is not the first time that a government official has proposed minting a trillion dollars and keeping it on the balance sheet of the US Treasury to raise the debt ceiling.
With this in mind, the researcher referred to the trillion-dollar currency as “A ploy to exploit a legal loophole“.
The decision has been postponed for the time being, but the US government can reconsider it if the economic situation worsens, making Bitcoin Much stronger.
The scenario in which the United States decides to issue a trillion-dollar currency could have devastating consequences for the global economy due to the status of the US dollar as the global reserve currency. He said ong About the chaos that could result:
“(…) the end result of a trillion-dollar coin is radically higher money creation, higher government uptake of real resources than the private sector, and a federal government that has finally maxed out the credit card once and for all.
These countries finally come face to face with the world’s ultimate debt ceiling: the bond market.”
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How Bitcoin profited from the 1 trillion dollar coin
The research claimed that the discussion of minting a trillion dollar coin is in fact under consideration by the US government, which is indeed a strong factor for bitcoin.
was created Bitcoin As a result of the financial crisis and distrust of the central authorities that govern the global money supply.
In this context, this currency acts as insurance and a way out of the system that appears to be a trap in The pattern of destroying the world every decade", like he said ong.
Inflation is one of the main problems caused by Covid–19, it could be much worse if other branches of the US government dealt with it. Research said:
“(…) If you think central banks like to print money, just wait until you meet Congress.
Of course, if the price of bitcoin is the same as the Fed rates, wait until they meet the Treasury, which spends trillions of dollars on sports.”
Ultimately, Ong rules out the possibility of acquiring a trillion-dollar coin, but his symbol of inflation and mistrust of government remains.
Thus, it became just another reason to carry Bitcoin At the time of writing, it was Bitcoin trade with 54.976 dollars with profit 1.3% in the daily chart.
Bitcoin Separated From Stocks As Uptrend Returns
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