On July 30, the United States' national debt surpassed $35 trillion, sparking worries about the economy's stability.
Analysts suggest this escalating debt could bolster Bitcoin adoption, positioning it as a safe-haven asset amidst fiat currency devaluation.
Matt Bell, CEO of Turbofish, highlighted the role of Bitcoin during times of economic uncertainty.
He pointed out that investors often turn to assets like Bitcoin and gold to safeguard their purchasing power.
Bell noted that Bitcoin's decentralized and deflationary nature makes it an attractive hedge against the devaluation of traditional currencies.
Bitfinex analysts echoed Bell's sentiments, suggesting that the burgeoning US debt might drive Bitcoin prices to new highs.
They argued that as government bonds become less appealing, investors may seek alternatives like Bitcoin.
The analysts emphasized Bitcoin's qualities as a "hard currency" with a limited supply, making it resilient to inflation and economic inefficiencies.
Popular crypto analyst Rekt Capital predicted a potential breakout for Bitcoin in September. He mentioned that the ongoing accumulation phase and growing concerns about the traditional financial system could catalyse this movement.
Turbofish's Bell added that increasing recognition of the current system's limitations could lead to broader adoption of Bitcoin and other cryptocurrencies, potentially driving up their value.
"As more individuals and institutions recognize the limitations of the current financial system, we could see increased adoption of Bitcoin and other cryptocurrencies... This growing awareness and adoption could indeed act as a catalyst for the next leg up in Bitcoin's cycle, driving its value higher as it becomes a more integral part of the global financial landscape."
As of the latest data, Bitcoin is trading at around $66,077, reflecting an 7.47% increase over the past month. However, it remains 10.5% below its all-time high of $73,750.
Bitcoin price changes in the past month Source: coinmarket
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