Crypto Influencers Rally Followers to Invest in Bitcoin as U.S. Debt Soars
As concerns over the escalating U.S. national debt continue to grow, two prominent figures in the crypto community, Balaji Srinivasan and Robert Kiyosaki, have taken to X to urge their followers to invest in Bitcoin, gold, and silver as a means of safeguarding their wealth.
Srinivasan, an entrepreneur, angel investor, and former CTO of Coinbase, highlighted the alarming growth in government debt, which has increased by 25% since 2020, reaching a staggering $34.5 trillion. He likened the current economic landscape to the decline of empires past, citing treasury looting as a key factor.
In his X post, Srinivasan outlined several potential responses to the crisis, ranging from denial to political solutions and apathy. However, he advocated for a more radical approach: using Bitcoin to "starve the beast" and limit the government's ability to confiscate or inflate currency. He pointed to the current daily deficit spending of $10 billion as a sign of escalating problems.
Robert Kiyosaki, author of "Rich Dad Poor Dad," echoed Srinivasan's concerns, advising his followers on the importance of readiness and recommending investment in assets like Bitcoin for their value preservation qualities. Kiyosaki's post also referenced the rapid increase in national debt, painting a bleak picture of America's financial health.
Srinivasan warned of potential aggressive actions by a financially desperate state, such as asset confiscation. He cited various international and domestic precedents where governments have seized control of private assets under different pretexts, emphasizing the safety Bitcoin offers as an asset beyond state control.
In 2023, Srinivasan made a significant bet on Bitcoin's value skyrocketing due to U.S. hyperinflation. His stance is particularly relevant as the U.S. prepares to release crucial economic data, including inflation rates, which could influence upcoming Federal Reserve decisions. With interest rates holding steady at 5.5% since July 2023, the crypto community is closely watching these developments, seeking refuge in decentralized assets amid financial uncertainty.
As the U.S. national debt continues to grow and concerns over potential asset confiscation mount, the calls from influential figures like Balaji Srinivasan and Robert Kiyosaki to invest in Bitcoin, gold, and silver are likely to resonate with many in the crypto community. The coming weeks and months will be crucial in determining the trajectory of the U.S. economy and the role that decentralized assets may play in preserving wealth in the face of uncertainty.
