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    US National Debt Approaches $38 Trillion, Increasing by $6 Billion Each Day

    wsjcryptoBy Nessun commento3 Mins Read

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    Investors are seeking refuge in safe-haven assets, such as Bitcoin and gold, as the US national debt approaches an unprecedented $38 trillion.

    The current national debt of the United States, at $37.9 trillion, is escalating by $69,890 every second — or nearly $4.2 million each minute — over the past year, according to the debt dashboard of the US Congress Joint Economic Committee (JEC).

    This amounts to an astonishing $6 billion daily — greater than the gross domestic product of over 30 nations, based on information from Worldometer.

    Change in the United States national debt over the previous 12 months, assessed at specific time intervals. Source: US Congress Joint Economic Committee

    US Representative Keith Self commented on Friday that the debt figure is predicted to exceed $38 trillion in a matter of weeks and potentially reach $50 trillion within a decade, urging for urgent measures to be taken.

    “Congress must take action immediately—demand fiscal prudence from your representatives before the slow decline turns into an abrupt failure.”

    If current trends continue, the US is anticipated to exceed $38 trillion in 20 days.

    Investors gravitate towards Bitcoin and gold

    Last week, JPMorgan praised Bitcoin (BTC) and gold as the “debasement trade” in light of heightened uncertainty surrounding the dollar.

    This occurred as Bitcoin reached a new record of $125,506 on Saturday, while gold achieved a new peak of $3,920 on Sunday.

    Bitcoin’s limited supply and decentralized character have attracted greater institutional interest, with figures like BlackRock CEO Larry Fink — once critical of Bitcoin — stating in January that Bitcoin could reach $700,000 due to currency debasement concerns.

    Ray Dalio, founder of the world’s largest hedge fund, Bridgewater Associates, advised in July that investors should allocate 15% of their investments in tangible assets like Bitcoin or gold for the “optimal return-to-risk ratio.”

    It’s not only America, Dalio notes

    At that time, Dalio mentioned that other Western nations, such as the UK, would encounter the same “debt doom loop” predicament and that their currencies would continue to lag behind Bitcoin and gold, which he referred to as an “effective diversifier.”

    Reuters reported late last month that global debt surged to a historic high of $337.7 trillion by the end of the second quarter, driven by additional quantitative easing and a weaker US dollar, as per data from the Institute of International Finance.