Fed Chair Concerned About $22 Trillion US Debt, is Bitcoin a Viable Alternative?
In the past 60 years, the US government has struggled to balance the budget – by spending and earning at an equal level. Every passing administration left a higher debt burden for the next, starting with President Ronald Reagan via President Clinton to President Obama. The US never came out of the so-called debt bubble.Bitcoin enthusiasts project the digital currency as a solution to beat down the dollar hegemony. It expects millennials to exchange their national fiats for a technology that is independent of the US debts, government policies, Federal rate hikes, and whatnot.He added that cryptocurrencies were a wet dream of individuals with zero financial literacy. Warren Buffet, a Wall Street investment giant, refused to consider Bitcoin as an investment. “If you buy something like bitcoin or some cryptocurrency, you don’t have anything that is producing anything,” Buffett said in an interview with Yahoo Finance. “You’re just hoping the next guy pays more. And you only feel you’ll find the next guy to pay more if he thinks he’s going to find someone that’s going to pay more.”