US Debt Growth Highlights the Need for Urgent Action
Coinbase CEO Brian Armstrong has provided an explanation on the significance of Bitcoin in light of the United States’ staggering $30 trillion increase in national debt over the past 28 years.
In relation to the mounting national debt in the United States, Robert Sterling, CFO of 20 Dollar Consulting, has drawn attention to the alarming rate at which the debt has escalated, emphasizing a bipartisan trend of fiscal expansion under consecutive administrations.
Sterling has highlighted that the acceleration of debt accumulation commenced during the presidency of George W. Bush and has persisted through the three preceding administrations. Various significant milestones have been surpassed as a result of military expenditures, tax reductions, the Great Recession, and most recently, the COVID-19 pandemic.
In response to this fiscal trajectory, Armstrong has advocated for Bitcoin as a countermeasure. The CEO of Coinbase suggests that Bitcoin represents a return to a form of financial discipline comparable to the abandoned gold standard of 1971.
Armstrong asserts that cryptocurrency has the potential to act as a critical check on the continuous growth of deficit spending, which he believes is paramount in maintaining the strength of the United States and its currency.
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