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Over the past two weeks, America’s debt has increased by $500 billion.
Most of this occurred between October 1 and 3, with debt increasing by $293 billion in three days, equivalent to more than half of Bitcoin’s $550 billion market capitalization.
Analysts say Bitcoin has the potential to take advantage of these market conditions amid growing concerns about an economic recession.
Economic and political conditions in the United States have heightened fears of a recession. Concerns about a government shutdown, the ouster of Speaker McCarthy, and rising debt have heightened citizen concerns. However, some see this as a bullish opportunity for the cryptocurrency.
America’s Rising Debt – The Good News for Bitcoin
Over the past 15 days, the debt of the United States, the world’s largest economy, has increased significantly. After crossing the $33 trillion mark two weeks ago, the country noted a $500 billion increase in debt so far. The increase marks an average hourly increase of approximately $1.43 billion over the past 15 days, The Kobeissi Letter reported.
Most of that increase occurred between October 1 and 3, when the U.S. added nearly $293 billion to its debt in three days. According to an official statement from the U.S. Treasury Department, the amount of debt recorded in these three days represents more than half of Bitcoin’s total market capitalization. “Kobeissi Letter” also pointed out that the U.S. national debt is currently growing faster than GDP, which is the largest increase in history.
