Janet Yellen Issues Serious $34 Trillion Warning As Bitcoin Predicted To Surge To $1 Million Price
Yellen Warns as Debt Hits $34T, Bitcoin to $1M?
Treasury Secretary Janet Yellen has issued a warning regarding the escalating U.S. national debt, which has reached $34 trillion. This warning comes as Bitcoin prices surge, with predictions pointing towards a potential $1 million value per Bitcoin within the next 18 months. The increase in debt and interest rates, compounded by inflation and aggressive Federal Reserve policies, has heightened concerns about economic stability and the strength of the U.S. dollar. Meanwhile, experts speculate that these economic pressures could further drive the value of Bitcoin and other assets as investors seek stability.
What is the current trading price of Bitcoin and how much has it increased since its post-FTX collapse lows in late 2022?
The current trading price of Bitcoin is around $70,000 per bitcoin. It has increased by almost 400% since its post-FTX collapse lows in late 2022.
How has the upcoming 2024 presidential election been predicted to impact the Bitcoin market?
The upcoming 2024 presidential election is anticipated to have a significant impact on the Bitcoin market, with expectations of a substantial increase in Bitcoin prices3. This prediction is linked to broader economic factors and monetary policies that are expected to be influenced by the election outcomes3.
Firstly, the market is bracing for potential changes in Federal policies depending on the election results. A legendary trader has predicted that the Federal Reserve might restart its money-printing later this year, which could debase the currency and, in turn, push asset prices up, including Bitcoin3. This is because as the dollar weakens, historically, assets like Bitcoin, which are seen as hedges against inflation and currency devaluation, tend to rise in value.
Secondly, Treasury Secretary Janet Yellen has highlighted concerns about the U.S. debt, which is predicted to reach $34 trillion, making it challenging to control deficits and interest expenses. This situation is expected to lead to further monetary easing, which could benefit Bitcoin. The Congressional Budget Office forecasts that U.S. debt interest payments will hit $870 billion this year, influenced by previous high inflation and Federal rate hikes3.
Lastly, the sentiment around Bitcoin is bullish with predictions that its price could catapult to between $250,000 and $1 million over the next 18 months. Influencers and analysts, like Jack Mallers and Michael Hartnett, attribute this potential surge to ongoing monetary policies that might be exacerbated by the election's economic policies3. Hartnett notes the rapid increase in national debt as a factor likely to continue boosting Bitcoin's appeal as a "debt debasement" trade.