Bitcoin – along with the Ethereum, XRP and cryptocurrency markets – has skyrocketed over the past year (with some predicting a “bigger wave coming on Wall Street”).
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The price of Bitcoin has surpassed $60,000 per BTC, making it a trillion-dollar asset once again, while the combined market for Ethereum, Ripple and cryptocurrencies is more than $2 trillion – raising a dire warning of “massive collateral damage.”
Now, as new emails reveal “astonishing” evidence about the true identity of Bitcoin's mysterious creator Satoshi Nakamoto, Bank of America BAC analysts have warned that the US debt burden is about to soar to add $1 trillion every 100 days — sending Bitcoin prices soaring.
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“The US national debt is rising by $1 trillion every 100 days,” Michael Hartnett, chief strategist at Bank of America, wrote in a note to clients seen by him. CNBCadding that “it is not surprising that ‘debt’ deals are approaching all-time highs, i.e. gold [at] $2077 per ounce [and] Bitcoin [at] $67,734.”
Hartnett predicted that the newly created exchange-traded funds (ETFs) that have taken Wall Street by storm over the past month are on track for a “blowout year,” due in part to the collapse of the US dollar.
BlackRock's BLKBLK IBIT, the largest bitcoin ETF, surpassed $10 billion this week in assets under management, while Fidelity's FBTC has generated $6 billion since its debut in early January, pushing the price of bitcoin higher in so-called… Bitcoin's “IPO Moment.” “
Inflows into new spot bitcoin ETFs have suddenly accelerated over the past two weeks, fueling wild expectations that bitcoin could “steal gold’s crown” as the world’s “primary store of value.”
The US national debt has risen dramatically in recent years, surpassing the $34 trillion mark at the start of 2024, as coronavirus-related stimulus measures and lockdowns sparked wild predictions last year that the price of bitcoin could soar to $1 million per bitcoin.
“This does not end well,” Genevieve Roche Decter, a former asset manager who writes the Great Capital newsletter, said. to publish To X.
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JP Morgan CEO Jamie Dimon predicted mounting US debt would spark a global “rebellion,” while Bank of America CEO Brian Moynihan described the nation’s debt pile as “the most unpredictable crisis we have ever seen.”
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] For Life” after Federal Reserve Chairman Jerome Powell set the cryptocurrency market up for a $3.3 trillion price boom.
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