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US debt climbs by over half of Bitcoin’s market cap in a day

US debt climbs by over half of Bitcoin’s market cap in a day

Amid a looming global financial crisis and the mounting national debt of the United States, the US Department of Treasury has recently increased the country’s debt by an amount that equals more than half of the entire market capitalization of Bitcoin (BTC) – in a single day.

As it happens, the US national debt grew by $275 billion in one day, increasing to a record-high $33.442 trillion. By comparison, the total market cap of Bitcoin as press time stood at $536.69 billion, according to the observations shared by the CEO of Pixematic and JAN3 Samson Mow in an X post on October 4.

Total US debt size over time. Source: Joe Consorti/Samson Mow

Indeed, as Mow, who is also the strategist behind El Salvador’s project of Bitcoin bonds, noted, the epic US debt amount equals roughly 10 million BTC, “and yet there are still people that are unsure if $27k is a good price to buy,” referring to the value of the flagship decentralized finance (DeFi) asset at press time.

Bitcoin price analysis

Specifically, Bitcoin was, at the time of publication, trading at the price of $27,557, recording a decline of 0.11% on the day but still a 5% gain across the previous week and a 6.1% increase on its monthly chart, as per the most recent data retrieved on October 4.

Bitcoin 30-day price chart. Source: Finbold

Namely, despite the maiden cryptocurrency currently changing hands at a price much higher than during its early days, it is still significantly lower than its all-time high (ATH) of $69,000 from November 2021, which is why many crypto traders and investors believe this might be a good time to purchase it.

One of them is Robert Kiyosaki, the author of the best-selling personal finance book ‘Rich Dad Poor Dad,’ who has recently expressed his view that Bitcoin is still a relatively cheap investment for the time being but will not remain so as other people will realize its advantages and rush to acquire it, which will inevitably increase its price.

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