The United States currently has a debt equivalent to 2.65 billion Bitcoin (BTC), which is more than 21 times the number of currencies that will be in circulation.
According to the US National Debt Clock figures, the country’s gross debt has crossed the historic USD 26 trillion mark for the first time.
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U.S. debt since March exceeds Bitcoin’s offer
The almost inconceivable figure comes after several months of inflationary measures by the Federal Reserve, which have seen the supply of dollars increase dramatically.
As the Cointelegraph reported this week, the US M2 money supply is now at a record $18.115 billion, while the Federal Reserve’s balance sheet has exceeded $7 billion.
The debt milestone did not go unnoticed by Bitcoin’s proponents; @Bitcoin’s Twitter account noted that the number equals 2,653,061,224 BTC as of June 11.
In just two months, added @Bitcoin, the account had increased by 204,081,632 BTC, far more than Bitcoin’s fixed supply of 21 million units.
They’re holding an online meeting to discuss „the weapon of governments against Bitcoin“.
U.S. debt to GDP comparison
Comparison of US debt to GDP. Source: JustFacts/ U.S. Treasury
OECD: More „necessary“ public debt
The debate on the digital shortage continues in the week when the Federal Reserve will meet to discuss how to get out of the collapse caused by the coronavirus.
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M2 growth highlighted the opposite trajectory of Bitcoin to fiat in terms of money supply, weeks after the third block of cryptomone subsidy reduced issuance by half and inflation to 1.8%.
At the same time, a damning report from the Organization for Economic Cooperation and Development, or OECD, cast great doubt on the so-called V-shaped economic recovery, and argued that governments should prepare for a second wave of coronavirus.
„Ultra-modern monetary policies and increased public debt are necessary and will be accepted as long as economic activity and inflation are depressed and unemployment is high,“ he said.
„However, debt-financed spending must be well targeted to support the most vulnerable and the investment needed for the transition to a more robust economy.