US Congress raises debt ceiling to 2.5 tons, what does that mean for BTC?
The US. Congress raised the debt ceiling to 2.5 tons following the recent vote to increase the national debt, but for now, crypto experts are weighing how that could affect Bitcoin. Find out more in today’s bitcoin news.
The US government is likely to postpone bankruptcy for a year after Congress finally approves raising the debt ceiling to $ 2.5 trillion. What will happen to Bitcoin when the debt ceiling is likely to rise above $ 30 trillion and the fast pace of US dollar printing is only fueling inflation?
DISCLOSURE: Okay Senate is promoting Bitcoin with $ 2.5 million
– Tyler Winklevoss (@tyler) December 14, 2021
The US Congress raised the debt ceiling from $ 480 billion to $ 28.9 trillion in October.
Republicans tried to oppose the adoption of the Democratic bill that aims to increase climate spending, but the bill was quickly signed by President Joe Biden and went into effect immediately. It was known at the time that raising the ceiling would not benefit the country in the long term, as the next hearing was due to take place in December. The scenario will repeat itself more strongly in December.
The bill was passed by Congress and is now in the hands of President Biden, who is expected to sign it soon. If he signs the bill, it would raise the federal government’s debt ceiling by $ 2.5 trillion to $ 31.4 trillion and also delay the risk of national bankruptcy until early 2023. Spokeswoman Nancy Pelosi praised the adoption of the bill, saying the full confidence and creditworthiness of the United States should not be questioned and the health of the economy should not be jeopardized.
In contrast, Republican MP Jodey Arrington was quite dismayed to find that the country’s debt was at its highest level since World War II and that we weren’t even at war. she noticed. As the United States prints large amounts of its local currency over the years, the consequences are all the more obvious. The US inflation rate has risen by a larger percentage over the past six months, leading to a 6.8% increase in November, its highest level in 40 years. On the other hand, we have Bitcoin with a pre-programmed inflation rate that can decrease every four years. It has no central authority behind it, which means that BTC has a limited supply that the president’s signature cannot increase.
All of these properties attract investors and famous names like Thoma Bravo, Anthony Scaramucci, and Stan Druckermiller. on Paul Tudor Jones Money put in BTC.