As Bitcoin buoyantly bobs along at over $47,000, the entire cryptocurrency market cap surpasses $2 trillion, a figure not seen since the beginning of the correction nearly 3 months ago. At the same time, the Biden administration forges ahead with its plan to make the printing presses white hot by pouring in another $3.5 trillion dollars into an ocean of fiat currency, thereby debasing the purchasing power of US citizens at an ever-increasing rate.
The financial world continues its madness, with the Biden administration readying itself to add even more fuel to the conflagration that is the existing fiat monetary system. With an additional $3.5 trillion in the pipeline, to add to the $1.2 trillion infrastructure bill recently passed in the Senate, things are becoming ridiculous.
Mitch McConnell, senate minority leader, put it into perspective when he said recently that the $3.5 trillion plan:
“will thrust the Senate into an ultra-partisan showdown over the staggering, reckless taxing and spending spree.”
Joe Manchin, democratic Senator of West Virginia echoed the sentiment:
“Given the current state of the economic recovery, it is simply irresponsible to continue spending at levels more suited to respond to a Great Depression or Great Recession—not an economy that is on the verge of overheating,”
Meanwhile, in the cryptocurrency sector, Bitcoin remains stable, and the rest of the market is seeing some large gains since mid-July. Bitcoin is up around 65%, Ethereum has made a gain of 95%, and many other cryptocurrencies are up over 100% and more.
The whole cryptocurrency market cap is now at $2.1 trillion, and should the bull market be in its second phase of a potential double top, this could be just the beginning of a remarkable surge for this new asset class over the second half of this year.
Many US residents must surely be waking up to the seriousness of what is happening, as a gargantuan wealth transfer, from the poor and middle class to the rich, is playing out in front of their noses.
It might well be expected that a sizeable chunk of the next stimulus check could be transferred into hard assets such as precious metals, Bitcoin, and some of the sounder cryptocurrencies.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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