The CEO of Lightning Network Wallet Strike says the US government's rapid debt accumulation will be the catalyst that takes Bitcoin (BTC) to greater heights.
In a new interview with Bloomberg Technology, Jack Mallers said the United States has no way to pay off its record $34.578 trillion in debt.
Mallars said he expects the government will eventually turn on the money printing presses and print more dollars to meet its fiscal obligations.
“Our government is in debt. Traditionally, if I owe you $20, I have two choices. I have to default on it, one… and the other. One is that you can pay it back.These are the two options that a person in debt is classically entitled to.
Now, the government unfortunately has a third right because it centrally plans and controls our currency. That means governments can print more money, devalue the debt they have, and allocate more capital to themselves to keep our government from defaulting on its debts. .
The United States, the United States, cannot default on its debts. It would destroy the entire planet.I can’t even afford to pay it back…this is just basic 101 [of] how the world works. If we don't default and we can't pay our debts, then no matter what they set and what they tell the Fed chairs and all the economists, what is the only option they have to make? Or?
They have to print more dollars. ”
Mallars believes that with more dollars in the system, the fiat surplus will be channeled into assets with limited supply, like BTC.
“And if you had a lot more green papers, you would want to pit them against each other for the most fixed one. There are more dollars competing for a certain amount of Bitcoin.
Yes, real estate will also go up as more dollars compete for real estate. But they can generate more real estate. They can find more gold. They can't make any more Bitcoins. ”
At the time of this writing, Bitcoin is trading at $70,301.
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