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United States debt hits $26 trillion, exceeds Bitcoin’s max supply

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Ever since the coronavirus outbreak, the United States economy has been significantly affected, causing a spike on the country’s gross debt. Today, the United States debt has reached another historic mark, at $26 trillion, which is far beyond Bitcoin’s max supply compared to the current price of the cryptocurrency.

US national debt increasing rapidly amid coronavirus pandemic

This recent United States debt record was confirmed by the statistics shared by the US Debt Clock, a website that calculates the country’s debt. Having reached $26 trillion (and counting), this placed taxpayers at the debt of $209,415, and $78,863 for the citizens, according to the US debt time machine.

Calculatedly, it appears that the United States debt increased by $1 trillion on a monthly basis, especially since the coronavirus-led lockdown. Prior to June, the United States debt was sitting around $25 trillion, and in April, it was at $24 trillion. At an annual rate, the US national debt peaked at $4 trillion.

The country’s debt last year was at $22 trillion, and it only rose by $8 trillion over the previous five years. This means the debt has been growing at a very fast rate, which perhaps, can be attributed to the shutdown of many businesses and financial activities in the country amid the coronavirus.

The United States economy reportedly dropped by 4.8 percent in the first quarter of 2020, which is considered as the most significant dip since the 2008 economic crisis. Additionally, the rate of unemployment in the US has significantly increased when compared to 2019, and the country is likely to face a massive economic recession.

United States debt exceeds Bitcoin max supply

To better reflect the development today, a glance at Bitcoin price on Coinmarketcap shows that the total United States debt at $26 trillion would get you about 2,654,415,518 BTC, based on the current value of the cryptocurrency at $9,795 during the time of writing. 

Interestingly, this is way beyond Bitcoin’s maximum supply – 21 million. Hopefully, the US authorities would take a strategic approach to reduce the increasing national debt.

Ibiam Wayas

Ibiam Wayas

Ibiam is an optimistic crypto journalist. Five years from now, he sees himself establishing a unique crypto media outlet that will breach the gap between the crypto world and the general public. He loves to associate with like-minded individuals and collaborate with them on similar projects. He spends much of his time honing his writing and critical thinking skills.

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