BlackRock CEO Issues 'Urgent' Warning $34 Trillion Could Trigger Bitcoin Price Quake

Bitcoin BTC rose to a new all-time high this month in a rally that has raised concerns that the Biden administration may be quietly planning to “kill” cryptocurrencies.

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Bitcoin's price has risen 350% since hitting a recent low of $15,000 per bitcoin in the wake of the collapse of cryptocurrency exchange FTX, a rebound attributed to a growing game-changer on Wall Street.

Now, after Donald Trump made a surprise U-turn on Bitcoin, the CEO of the world's largest asset manager BlackRock BLK has issued an “urgent” warning about America's growing $34 trillion debt pile — which some believe has become a “powerful” driver of Bitcoin's price. .

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More from Forbes “The Circle Will Come Complete” – Elon Musk Makes Shocking Prediction That Could Cause Chaos in Bitcoin, Ethereum, Ripple, Dogecoin, and Cryptocurrency Prices By Billy Bambrough

The price of Bitcoin has skyrocketed over the past year, rising as pressure on the United States increases… [+] The dollar due to the inflation of the country's debt pile.

GT

“The situation is more urgent than I can ever remember,” Fink, who led BlackRock in a successful bid to bring a bitcoin spot-traded fund (ETF) to Wall Street this year after 10 years of rejection, wrote in his annual letter to investors.

US debt recently reached $34 trillion thanks to the Covid pandemic, lockdowns and massive stimulus spending, and will add another $1 trillion every 100 days, according to Bank of America analysts who expect Bitcoin to have a “strong year” as a result.

Coronavirus-related stimulus measures and supply chain shocks have sent inflation spiraling out of control in 2022, which Black Swan author Nassim Taleb warned could create a “death spiral” for the US dollar that the Federal Reserve cannot prevent.

“A high-debt America will also be a difficult country to combat inflation, since monetary policymakers will be unable to raise interest rates without a significant increase in the already unsustainable debt service bill,” Fink said.

BlackRock's Fink joins other Wall Street CEOs, including JP Morgan's Jamie Dimon, Bank of America's Brian Moynihan, and even Federal Reserve Chairman Jerome Powell, in warning about America's debt buildup.

In February, Powell warned that US debt was “growing faster than the economy” and that the US was “borrowing from future generations”.

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More from ForbesJoe Biden Quietly Plans to 'Kill' Cryptocurrencies and Destroy 'Billions of Dollars' of Value After Skyrocketing Prices of Bitcoin, Ethereum, Ripple, and SolanaBy Billy Bambrough

Bitcoin price has bounced back from the price collapse of 2022, surpassing its all-time high in 2021 and… [+] Reaching $73,000 per Bitcoin.

Forbes digital assets

This week, Michael Novogratz, CEO of bitcoin and cryptocurrency financial services firm Galaxy Digital, predicted that the price of bitcoin and the broader cryptocurrency market would benefit from escalating US debt.

“There's one number that I think you should keep on your refrigerators, $34 trillion of debt, and in 100 days, it's going to be $35 trillion, and in 200 days, it's going to be $36 trillion, and even the United States is… “If other countries get their finances in order, the story of Bitcoin and other digital assets will continue to grow.” “Al [bitcoin] The story is strong now.”

Galaxy Digital doubled its assets under management over the past year and posted profits of $300 million, up from a $1 billion loss in 2022.

In February, legendary investor Jim Rogers warned that America's massive $34 trillion debt pile meant the looming recession would be “the worst ever.” [his] life.”

Last year, Jefferies analysts predicted that the US Federal Reserve would be forced to restart the money printer in 2024 due to a severe economic downturn, which could lead to a collapse of the US dollar and fuel a boom in Bitcoin prices to rival gold.

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