Two influential figures in the cryptocurrency industry have urged their followers to invest in Bitcoin (BTC), gold, and silver, citing the increasing national debt in the United States as a risk. Balaji Srinivasan, an entrepreneur and angel investor, expressed his belief in a post on X on March 11 that Bitcoin is the only viable solution to escape the inevitable consequences of excessive government spending and potential asset confiscation. With the national debt in the US currently at a staggering $34.5 trillion, Srinivasan argued that the debt is growing at an unsustainable rate, increasing by 25% since 2020. He stated that there are four approaches to address this problem: denying its existence, attempting to fix it through political means, giving up, or adopting a more radical approach by protecting oneself from the consequences of the debt. Srinivasan also warned that as the financial crisis looms, the government may resort to confiscating private assets. He offered examples such as the seizure of assets from protesting Canadian truckers, freezing Russian assets, and the use of legal processes in Delaware against Elon Musk and in New York against Donald Trump. Srinivasan concluded by stating that private property will not be safeguarded by the state in a bankrupt America. In a separate post on March 11, Robert Kiyosaki, the author of “Rich Dad Poor Dad,” advised his followers to be prepared and invest in assets that retain value, such as Bitcoin. The warnings from these influencers come at a time when economic and inflation data in the US is being closely watched, including the release of the adjusted core Consumer Price Index (CPI) for February, the Producer Price Index (PPI) for February, and the one-year inflation rate expectations. A significant CPI inflation report this week could strongly influence the March Federal Reserve meeting. Currently, there is a 97% probability that the Federal Reserve will keep interest rates unchanged on March 20. Interest rates in the US have remained at 5.5% since July 2023.
US entering the 'looting-the-treasury phase' prompts recommendation to invest in Bitcoin