The expert suggested bitcoin as a hedge against the growth of the US national debt
The expert refused to specify when the "reckoning" would come. He recalled that Ray Dalio, Elon Musk, Larry Fink and Stanley Druckenmiller had previously stated the inevitability of such a scenario.
Bitcoin is the only available escape from inflation and the potential confiscation of assets in the United States, which are possible due to the unstable trajectory of government spending. This was stated by former Coinbase CTO and a16z general partner Balaji Srinivasan.
BITCOIN > BUDGETING
— Balaji (@balajis) March 10, 2024
We’re in the looting-the-treasury phase of imperial collapse. The dynamic described below isn’t just happening in San Francisco; it’s also the $100B wasted on Californian high speed rail and the rapidly growing $35T+ national debt at the federal level. And… https://t.co/kI4TmaaI4O
According to Srinivasan, public debt and spending in the United States continue to grow at an unsustainable pace. The first indicator reached a record $34.5 trillion, an increase of 25% since 2020.
The entrepreneur named four approaches to this problem:
- deny and insist that nothing unusual is happening;
- to solve this through political processes;
- give up and "just feed at the trough."
- "starve the beast with bitcoins that they can't easily take away or print."
According to him, the latter is radical, but realistic. The reason is that every day the US authorities spend $ 10 billion more than they receive, and this figure is growing. The specialist noted a high threshold for reducing budget expenditures.
The general partner of a16z did not rule out that as the "financial reckoning" for such a line of behavior approaches, the "insatiable state" may consider the possibility of confiscating private assets.
As an example, Srinivasan recalled the arrest of the property of protesting truckers in Canada, the "freezing" of gold and foreign exchange reserves owned by the Russian authorities and the transformation of [the states of] Delaware and New York into "weapons" against Elon Musk and Donald Trump, respectively.
The expert refused to specify when the "reckoning" would come. He recalled that Ray Dalio, Elon Musk, Larry Fink and Stanley Druckenmiller had previously stated the inevitability of such a scenario.
Like Srinivasan, Robert Kiyosaki, author of "Rich Dad, Poor Dad," also pointed to shaky U.S. government finances as a reason to invest in assets like bitcoin.
Source: https://forklog.com/news/ekspert-predlozhil-bitkoin-kak-hedzh-ot-rosta-gosdolga-ssha
