As the United States 2024 general election approaches, the crypto issue is becoming more relevant despite not emerging in the recent debate between Donald Trump and Kamala Harris. Furthermore, institutional investors—led by spot BTC ETFs and publicly traded companies such as MicroStrategy—are using Bitcoin strategy in their respective balance sheets to solve their debt issues.
The United States government has been grappling with high debt, reaching $35.3 trillion for the first time. According to tech billionaire Elon Musk, the high government spending is gradually driving the country into bankruptcy.
With the US government intending to add another $16 trillion to the national debt by 2035, the crisis will only further escalate in the near term. Currently, the US government pays at least $3 billion a day and $1 trillion a year in just interest on the accumulated debts.
According to serial entrepreneur and author of Rich Dad Poor Dad, Robert Kiyosaki, it is time for investors to begin saving in Bitcoin and dump the US dollar. Furthermore, Kiyosaki believes that the US debt crisis cannot be solved by either Trump or Kamala in the near term.
For instance, El Salvador President Nayib Bukele previously announced that the country could repay its $800 million debt plus interest in time amid its Bitcoin strategy. It is worth noting that El Salvador has been purchasing 1 Bitcoin per day for the past 665 days and currently has 5,871 BTCs, worth around $342 million. This strategic approach has also sparked discussions about bitcoin price prediction in response to such large-scale acquisitions.
In a bid to replicate the same strategy in the United States, Senator Cynthia Lummis plans to introduce legislation calling for a strategic bitcoin reserve that will reduce the United States national debt by buying 1 million bitcoins over five years. The proposal highlighted that the U.S. government should hold the Bitcoins for at least 20 years.
Also Read: Bitcoin Forecast 2024: Standard Chartered Sees $125K Target with Trump Win
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