The US national debt has reached an astronomical $35 trillion. In addition, the US Federal Reserve has cut interest rates by 50 basis points at once. This is the first rate cut since the pandemic.
Now here's the million-dollar questionâ$35 trillion, to be exact: Is the U.S. dollar really "on the brink of total collapse"? And could Bitcoin be that lifeline?
BlackRock, which manages about $10 trillion in assets, described Bitcoin as a âunique diversifier.â
Larry Fink (CEO of BlackRock) once called Bitcoin a âmoney laundering index.â Now he admits that he was wrong to call it digital gold and a legitimate financial instrument.
BlackRock's Bitcoin ETF ($IBIT) has surpassed Grayscale Bitcoin Trust ($GBTC) to become the world's largest $BTC-focused exchange-traded fund. $IBIT recently saw over $21 billion in inflows. Wall Street appears to be getting serious about cryptocurrency.
BlackRock's concerns about the $35 trillion US government debt appear to be directly related to the company's decision to look to Bitcoin as a hedge against economic and political risks.
