- The U.S. national debt reached a record level of $33.442 trillion, increasing by $275 billion in a single day. For comparison, as of that time, Bitcoin’s total market capitalization was $536.69 billion.
- At the same time, as pointed out by Mow, the strategist for El Salvador’s Bitcoin bond project, the enormous debt of the U.S. is approximately equivalent to 10 million BTC.
- Bitcoin is trading at a price of $27,540 and has recorded a 0.11% decrease during the day, but it saw a 5% gain over the previous week.
The US Treasury Department increased the US debt in one day by an amount equivalent to more than the market value of Bitcoin (BTC)!
U.S. Treasury Department Increases the Already Massive U.S. Debt
In a period where a global financial crisis is looming, and the U.S. national debt is on the rise, the U.S. Treasury Department increased the country’s debt by an amount exceeding the market capitalization of Bitcoin (BTC) in a single day.
Indeed, the U.S. national debt reached a record level of $33.442 trillion, increasing by $275 billion in a single day. For comparison, as of the time of this report, Bitcoin’s total market capitalization was $536.69 billion, and these observations were shared in an X-post by Samson Mow, the CEO of Pixematic and JAN3, on October 4th.
As pointed out by Mow, who is also the strategist for El Salvador’s Bitcoin bond project, the colossal debt of the U.S. is approximately equivalent to 10 million BTC, “and yet some people are unsure if $27,000 is a good buying price”; this reference pertains to the value of the leading decentralized finance (DeFi) asset at the time of writing.
What’s the Bitcoin price situation?
Bitcoin is currently trading at a price of $27,540, experiencing a 0.11% decrease during the day but achieving a 5% gain over the previous week and a 6.1% increase on the monthly chart.
So, while the first cryptocurrency is trading at a significantly higher price than in its early days, it is still considerably lower than the all-time high of $69,000 in November 2021. This is why many crypto traders and investors believe it could be a good time to buy.
One such believer is Robert Kiyosaki, the author of the bestselling personal finance book “Rich Dad Poor Dad,” who recently expressed the view that Bitcoin is still a relatively cheap investment. He believes that others will realize its advantages and rush to acquire it, inevitably driving up its price.
