#US Debt Reaches $25T — Stimulus Checks Which Bought Bitcoin Are Now Around $1.6K

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US Debt Breaks $25T — Stimulus Checks Which Bought Bitcoin Are Now Worth $1.6K
Bitcoin (BTC) supporters are shocked once again this week as the real extent of the US’ fiat debt bubble inflated by the COVID-19 stimulus becomes clearer.



Citing statistics from the U.S. Treasury on May 7, market analyst Mati Greenspan said that the country’s total national debt has crossed $25 trillion for the first time ever.


U.S. adds $24M of debt per minute


The unenviable achievement comes after several huge rounds of public financing from the Trump administration via the Federal Reserve. Since April 9, the debt mountain has grown by $1 trillion.



That, according to Greenspan, is the equivalent of $24 million every single minute last month.




According to data from online monitoring resource U.S. Debt Clock, each taxpayer is now $201,000 in debt, putting into perspective the selective $1,200 checks Americans get a couple of weeks ago.


A century of warnings goes unheeded
Economists who do not support inflationary policies promoted by governments have long warned that inflation can not lead to prosperity.



The grave reality of money printing is a regular point of debate in Bitcoin community, notably on financial news show the Keiser Report, as well as on social media and in Saifdean Ammous’ popular book, “The Bitcoin Standard.”




Long before Bitcoin existed, dissenting voices were criticizing the irrational behavior of central banks inflating the money supply. Notably, Henry Hazlitt forecast the current situation in his well-known book “Economics in One Lesson,” published just a year after the end of the Second World War.




In the meantime, others continue to pour light on the absurd debasement of fiat currency. A dedicated Twitter account covering the U.S. stimulus checks notes that a check invested in Bitcoin on April 15 would now instead be worth $1,609.



In mid-April the percentage of deposits and buys worth $1,200 — the exact value of the stimulus check — increased over four times, according to Coinbase CEO, Brian Armstrong.

Greenspan commented on the $25 trillion threshold being crossed with a well-known meme among crypto fans — the “BRRR” sound used to refer to the Fed’s money printer.