More

    Global Debt Set to Hit $255 Trillion by End of 2019, How Long Can The Fiat Model Exist?

    Latest results on the Institute of International Finance show the world’s combined debt will surpass $255 trillion dollars by the end of this year, $32,500 per individual or $12 million per BTC.

    The total world debt has increased by $12 trillion to reach $255 trillion by the end of 2019. The latest number came from the Institute of International Finance who updated the Global Debt Monitor.

    The combined debt is equivalent to $32,500 for each person on earth. The United States of America alone has over $23 trillion in debts, but Federal Reserve chairman Jerome Powell has said that even though the present debt situation is unsustainable it won't create any critical financial situation.

    However, Bitcoin proponents do not agree with the chairman's thinking and believe that the debt situation is getting worse with each passing year, and the fiat system has failed us over and over again. They claimed that the fiat system is not a resilient form of currency and has been manipulated by the central banks and and the Federal Reserve in the past, and thus it won't be long before we face another financial crisis like that of 2008.

    The claims seemed to be valid from the fact that government bonds and securities have started to yield negative interest rates, while the US feds have recently printed billions of US Dollars to meet the reserve needs.

    It wasn't a coincidence that the Bitcoin white paper came in 2009, right after the financial recession of 2008. In fact, Satoshi Nakamoto hinted that the crisis was one of the motivations behind finding a decentralized form of currency, which won't be controlled by any government or agency and can sustain on its own. Thus with the value of fiat degrading by the day, and world debt rising every year, it's time to ponder whether we really need a new form of financial system.

    Get Free Email Updates!

    *Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

    I will never give away, trade or sell your email address. You can unsubscribe at any time.

    Avatar
    James W
    James is a cryptocurrency enthusiast, an advocate for the development and exposure of blockchain technology, and believes in the use of digital assets for the good of the society. Enthralled by the huge potential of cryptocurrencies and their underlying technology – blockchain – James dedicated himself to learn more about the industry, becoming a highly sought-after writer in the sector. He covers news, white papers and any content related to cryptocurrency and blockchain in general.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    3,366FansLike
    2,784FollowersFollow
    4,136FollowersFollow

    Live Bitcoin Price & Latest BTC Charts

    Today's Latest Crypto News

    General Motors (GM) Files Blockchain-Based Map Network Patent for Autonomous Vehicles

    General Motors (GM) plans to build a self-updating navigation system on blockchain to allow use across “specific roads” on autonomous vehicles. In a newly...

    BTC Proposes a Greater Value Than Gold; $670M Transferred For 26 Cents Within Its Network

    Bitcoin’s value proposition in fund transfers is so far one of the most cost-friendly avenues to send money globally. A recent transaction within its...

    COVID-19's Impact On The Economy Claims Another Business as Cambrial Capital to Shut Down

    Cambrial Capital which focuses on a Crypto fund of funds is set to shut down its operations in the near future according to insiders...

    Apple’s New Intelligent Prevention Tracking (ITP) on iOS Threatens Burner Wallets Existence

    Apple’s recent upgrade on the Safari WebKit might soon phase out the convenience of burner wallets within the cryptocurrency space for its users. ...

    Galaxy Digital's Mike Novogratz: This Is The Year For BTC Or I Might ‘Hang Up My Spurs'

    Bitcoin proponent, Mike Novogratz is still “most excited” about the world's leading cryptocurrency but “if it doesn't go all out by the end of...

    BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.