Bitcoin, Ethereum, Zilliqa, IOTA, and EOS are preparing for a $50 trillion earthquake

2023-06-01 04:00:00 Eastern Time

Cryptocurrency prices came under pressure in May as investors focused on the debt ceiling debate in the United States. With both sides maintaining extreme positions, there was the possibility that the United States would default on its commitments. The possibility of default ended when Biden and McCarthy reached an agreement over the weekend. This deal could have an impact on cryptocurrencies such as Bitcoin, IOTA, and Zilliqa.

US public debt to continue to rise

The United States is expected to continue to increase its debt in the coming years. As I wrote in this article, US debt has been parabolic in the past few years. It has risen to $31.4 trillion from $9 trillion in 2008. Since the pandemic began in 2020, the debt has increased by more than $8 trillion.

The debt ceiling deal passed by the House of Representatives is set to cut the budget deficit by $1.5 trillion in the next 10 years. However, as we have seen in the past, US government estimates are usually wrong for most periods. In addition, the deal is set to increase the US debt by $4 trillion in the next few years.

Overall, the United States is expected to breach the public debt of $50 trillion by 2030. This would be a significant number considering that global GDP is expected to reach $110 trillion in 2024.

More importantly, the United States is expected to move into a Social Security loophole in the next decade. Most estimates put the country’s Social Security reserves by 2034. When that happens, taxes will need to go up and payments for seniors will need to be reduced.

Therefore, there is a possibility that buyers of US debt, including Japan and China, will demand more interest as default risks rise.

Watch here: https://www.youtube.com/embed/Qb5tMQvNzJU?

It is unclear how cryptocurrencies and other assets will fare as the US public debt soars to more than $50 trillion in the next few years. What is clear is that safe havens such as gold could do well as investors and central banks step up their purchases.

If this happens, we could see the price of bitcoin could also jump since the coin is considered a digital alternative or alternative to gold in the 21st century. Consider the statement below from JP Morgan, who wrote the following:

With the price of gold soaring above $2,000, the value of gold held for investment purposes outside central banks is currently estimated to be around $3 trillion. In turn, that would mean a price of $45,000 for bitcoin assuming that bitcoin is equal to gold in the portfolios of private investors in terms of risk capital or volume-adjusted terms.”

So, if this happens, we could see the Bitcoin price continue to rise in the next few years. Due to the close correlation between cryptocurrencies, there is a possibility that other coins such as Ethereum, Zilliqa, IOTA, and XRP will also rise.

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