I wrote a book a decade ago while I was working on an emerging market bond desk on 'The Street' about the dangers of overwhelming sovereign debt, interest rates spikes, and the loss of our reserve currency status.
We are now over the target of my predictions.
Our sovereign debt at $34T headed to $50T is out of control, on purpose. The fire has been lit by intentionally reckless spending and our continual involvement in overseas conflicts, bleeding us dry.
The financial markets have now begun to notice.
The United States has neither the will nor the ability to pay back its debt. The spiral will only continue.
Hence, Bitcoin is moving.
Bitcoin is a haven against financial irresponsibility. It is decentralized, and no more Bitcoin than the original amount can be mined. You can't 'print' more Bitcoin.
No one can control Bitcoin. No one can turn if off or on for you, if you don't follow the matrix' demands, as central bank digital currencies will most definitely do.
Bitcoin will now move into an asset class of its own, as a safe haven, and we think along with commodities, an asset class to watch in the future.
U.S. government debt is no longer 'risk free'.
Full Disclosure: CDM is long Bitcoin
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