Two prominent voices within the crypto community have recently made a call to action for their followers on X, emphasizing the urgency of acquiring Bitcoin, gold, and silver in the face of escalating U.S. national debt.
On March 11, Balaji Srinivasan, an entrepreneur and angel investor, took to X to express his view that Bitcoin represents a critical solution to counteract the challenges posed by rampant government expenditure and the threat of asset confiscation.
Highlighting the severity of the situation, Srinivasan, with nearly a million followers and a background as Coinbase’s former CTO, painted a grim picture of the current economic landscape, likening it to the decline of empires past due to treasury looting.
He pointed out the alarming growth in government debt, noting a 25% increase since 2020, bringing the total to a staggering $34.5 trillion.
Srinivasan, who also serves as a general partner at venture capital firm Andreessen Horowitz (a16z), outlined possible responses to this crisis.
These range from denial to attempting political solutions or succumbing to apathy.
However, he advocates for a more radical approach: leveraging Bitcoin to “starve the beast,” thereby limiting the government’s ability to confiscate or inflate currency.
He highlighted the current daily deficit spending of $10 billion as a sign of escalating problems.
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Echoing Srinivasan’s concerns, Robert Kiyosaki, author of “Rich Dad Poor Dad,” also advised on the importance of readiness, recommending investment in assets like Bitcoin for their value preservation qualities.
Kiyosaki’s post referenced the rapid increase in national debt, painting a bleak picture of America’s financial health.
Furthermore, Srinivasan warned of potential aggressive actions by a financially desperate state, such as asset confiscation.
He cited various international and domestic precedents where governments have taken control of private assets under different pretexts, underscoring the safety Bitcoin offers as an asset beyond state control.
In 2023, Srinivasan placed a significant bet on Bitcoin’s value skyrocketing due to U.S. hyperinflation.
His stance is particularly relevant as the U.S. prepares to release crucial economic data, including inflation rates, which could influence upcoming Federal Reserve decisions.
With interest rates holding steady at 5.5% since July 2023, the crypto community closely watches these developments, seeking refuge in decentralized assets amid financial uncertainty.
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