Coinbase CEO Brian Armstrong has offered up Bitcoin BTC/USD as a potential solution to the surging national debt of the United States.
What Happened: His remarks were in response to a tweet by analyst Robert Sterling, who highlighted the rapid increase in national debt through a color-coded chart.
Sterling’s chart showed an explosion in national debt, with each color signifying an additional trillion dollars. His tweet read, “This is the scariest chart I've ever made. Each color shows $1T getting added to the national debt. We're now adding one every 90-120 days.”
Sterling warned of the pace at which the debt was accumulating, pointing out the acceleration under the current administration. “With Biden in the White House and a narrowly divided Congress, we're now adding $1T to the debt every three to four months,” he added.
In stark terms, Sterling outlined the scale and speed of debt growth, noting that it took just over three months to increase from $32 trillion to $33 trillion, followed by another $1 trillion added in 104 days. He also projected the toll of continued borrowing: “When he [Biden] or Trump enters their second respective term in office in 2025, the debt will likely be above $37T.”
Armstrong suggested a lack of viable political solutions and proposed an alternative approach. “Unfortunately, there currently is no candidate who can fix this,” he said. Armstrong then offered a personal financial action, “You can buy Bitcoin though as a way to vote with your dollars, send a clear message, and potentially even save the U.S. long term.”
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Why It Matters: The Treasury Department confirms recording the total public debt at $34.47 trillion. This figure represents the entire borrowing history of the U.S. Federal Government, tracked and reported daily.
In November 2023, the ratings agency Moody’s shifted the U.S. government’s financial health outlook from stable to negative but retained the highest quality rating for long-term federal borrowing.
CNBC reports a quicker pace of debt growth, with the federal debt load increasing by about $1 trillion nearly every three months. Bank of America strategist Michael Hartnett suggests this trend is likely to continue for the foreseeable future.
Price Action: At the time of writing, BTC was trading at $72,075 up 0.46% over the last 24 hours.
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