All the world’s Bitcoin can only pay 2.43% of $30T US national debt
The United States’ national debt has passed $30 trillion — and even all the Bitcoin (BTC) in the world would hardly touch it.
According to the latest official statistics, U.S. national debt is at levels never seen before, passing the psychological $30-trillion barrier for the first time this week.
After two years of liquidity injections fuelled by issuing even more debt, the Federal Reserve is attempting to rein in what has become a practically incomprehensibly large debt burden.
$30 trillion — $30,000,000,000 — is a number so vast that it makes even the entire cryptocurrency market cap look like a drop in the ocean.
Looking at Bitcoin specifically, with a market capitalization of $731 billion, it is 2.43% of the national debt tally.
As such, even if the U.S. were to purchase all the BTC in circulation, it would still only pay off that tiny fraction of its debt.
The sheer size of the total did not go unnoticed by Bitcoin proponents, who discussed the topic in earnest on social media.
“As the debt spiral grows, the purchasing power of the Dollar will continue to be sacrificed for political interests and Wall Street bailouts,” on-chain analyst Dylan LeClair summarized.
Alex Gladstein, chief strategy officer at the Human Rights Foundation, meanwhile, highlighted the self-created demand for U.S. debt, even as the dollar hemorrhages value.
“Genius design of the international dollar system over the decades (1944, 1973, etc) to prolong market interest and need for US debt even as it gets clearly discredited,” he wrote.
The Fed balance sheet, meanwhile, now stands at $8.86 trillion, a new all-time high of its own.
In a rare point of agreement, gold bug Peter Schiff, meanwhile, delivered a grim forecast for the overall debt trend.
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