United States. Congress raised the debt ceiling to 2.5 tons after a recent vote to increase government debt, but crypto experts are currently weighing how this might affect Bitcoin. Find out more in today’s Bitcoin news.
The US government is likely to postpone bankruptcy for a year after Congress finally approves a $ 2.5 trillion debt ceiling increase. What happens to Bitcoin if the debt ceiling is likely to exceed $ 30 trillion and the high rate of printing of US dollars is only fueling inflation?
DISCLOSURE: Ok, Senate Promotes $ 2.5 Million Bitcoin
– Tyler Winklevoss (@tyler) December 14, 2021
In October, the US Congress raised the debt ceiling from $ 480 billion to $ 28.9 trillion.
Republicans tried to oppose a Democratic bill aimed at increasing spending on climate change, but the bill was swiftly signed into law by President Joe Biden and went into effect immediately. At the time, it was known that raising the ceiling would not benefit the country in the long term, as the next hearing was due to take place in December. In December, the scenario will repeat itself even more strongly.
The bill was passed by Congress and is now in the hands of President Biden, who is expected to sign it shortly. If he signs the bill, it would raise the federal government’s debt ceiling by $ 2.5 trillion to $ 31.4 trillion, and postpone the risk of national bankruptcy until early 2023. Spokeswoman Nancy Pelosi praised the passage of the bill, stating the full confidence and creditworthiness of the United States should not be questioned and the health of the economy should not be jeopardized.
Republican MP Jody Arrington, by contrast, was quite alarmed to find that the country’s debt was at its highest since World War II, and that we hadn’t even fought. she noticed. As the United States has printed large volumes of its local currency over the years, the consequences are becoming more evident. Inflation in the US has risen by a larger percentage in the past six months, resulting in a 6.8% increase in November, the highest in 40 years. On the other hand, we have bitcoin with a programmed inflation rate that can go down every four years. It has no central authority, which means that BTC has a limited supply that the president’s signature cannot increase.
All of these properties attract investors and famous names such as Tom Bravo, Anthony Scaramucci and Stan Druckermiller. on the Paul Tudor Jones Money is deposited in BTC.