March 27, 2024
Bitcoin News

Crypto Influencers Advocate Bitcoin Investments Amidst U.S. Debt Concerns

In a bold move, two crypto influencers have rallied their followers to invest in Bitcoin, gold, and silver as a hedge against the escalating national debt crisis in the United States. Entrepreneur and angel investor Balaji Srinivasan, a former chief technology officer at Coinbase, and renowned author Robert Kiyosaki both took to the X platform on March 11 to sound the alarm.

Srinivasan, who boasts nearly a million followers, declared, “We’re in the looting-the-treasury phase of imperial collapse.” He emphasized the urgency of the situation, pointing to the record-high U.S. national debt of $34.5 trillion, a staggering 25% increase since 2020. Srinivasan proposed a radical yet realistic solution: “Starve the beast with Bitcoin, which is money they can’t easily seize or print.”

Graph showing U.S. national debt since 2000. Source: St. Louis Fed

Highlighting the vulnerability of private assets, Srinivasan warned that the “ravenous state” might resort to confiscation as a financial reckoning looms. He referenced instances like the seizure of assets from Canadian truckers and the freezing of Russian assets, emphasizing that private property might not be protected in a financially distressed America. Fortunately, he noted, “we have Bitcoin, which isn’t dependent on the state and can’t easily be seized.”

Robert Kiyosaki echoed similar sentiments, advising followers to be prepared for the economic challenges ahead. “Debt increasing by $1 trillion every 90 days. America is sick. Prepare now. Buy more gold, silver, Bitcoin. Please take care,” he urged.

Srinivasan, known for his previous bold predictions, notably bet $2 million in March 2023 that Bitcoin would reach $1 million by June of that year due to hyperinflation concerns in the United States.

As the financial landscape faces uncertainty, economic and inflation data releases in the U.S. this week, including the adjusted core Consumer Price Index (CPI) and Producer Price Index (PPI), are anticipated to set the tone for the March Federal Reserve meeting. The Chicago Mercantile Exchange data indicates a high probability of the Federal Reserve maintaining interest rates at 5.5% on March 20, with a 97% likelihood according to current estimates.

Image by frimufilms on Freepik

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