Why The $1 Trillion Coin Is Another Reason To Stay Long Bitcoin

In the past weeks, the Bitcoin bulls have shown great strength pushing BTC’s price back into the $50,0000. In the meantime, the members of the U.S. government have re-opened a pandora box in an attempt to elevate their debt ceiling: to mint a $1 trillion coin and prevent it from defaulting on their national debt. Related Reading | Inflatable Bitcoin Rat Makes Comeback Due To Federal Reserve Ethics Issue As Peter St. Onge, a Ph.D. and economic research fellow at Heritage Foundation, explained in a post called “Trillion Dollar Coin: Rocket Fuel for Bitcoin”, the measure has been deferred at the expense of $480 billion taken from the American public, but BTC and its holder have already benefit. As Onge pointed out, the U.S. government has been pushing the limit on their debt since several decades ago. In fact, it’s not the first time a government official has proposed to mint a $1 trillion coin and keep it on the U.S. Treasury balance sheet to elevate their debt ceiling. In that sense, the researcher referred to the $1 trillion coin as a “gimmick to exploit a legal loophole”. The decision has been postponed at the moment, but the U.S. government could return to consider it if the economic situation worsens. Thus, making Bitcoin much stronger. Related Reading | Fed Chair Says Still “Working on” Digital Dollar as China Pulls Ahead The scenario where the U.S. decides to issue a $1 trillion coin could have devasting consequ...