Renowned entrepreneur and author, Jeff Booth, has endorsed Bitcoin as a '"Must have" investment in times when central banks are exacerbating the escalating debt problem.
The comments came in a tweet thread discussing the notion that central banks believe they can somehow escape a massive debt problem by exponentially adding more debt.6) In my humble opinion - Bitcoin is a "Must" Not just for your wealth but as a lifeboat.
Author of "The Price of Tomorrow", a book about deflation, Jeff Booth pointed out that even before the COVID-19 pandemic threw fuel on the fire, global debt was $250 trillion in a global economy worth around $88 trillion - and $185 trillion of that total debt had been added in the last 20 years.
According to usdebtclock.org the U.S. tops the list for national debt with over 10% of the global total, and an ever ballooning figure of $26.7 trillion.
Booth believes the only two choices left are grim with the first being governmental default on global debt through a deflationary depression, which would include a banking system collapse, or default through hyperinflation, which appears to be starting already with mass money printing.
"In my humble opinion - Bitcoin is a"Must" Not just for your wealth but as a lifeboat.
In late August, U.S. Federal Reserve Chair Jerome Powell announced that the central bank would no longer treat inflation as a primary threat to economic growth.
The FED, like most central banks, remains free to change the goalposts regarding what they consider to be acceptable and unacceptable rates of inflation.
Governments essentially need to debase their currencies in order to erode the debt mountain they have created.
Jeff Booth is one of many Bitcoin proponents calling attention to the current banking issues, which appear to echo what happened in 2008.
'Price of Tomorrow' author says Bitcoin is a 'lifeboat' amid financial turmoil
Published on Sep 17, 2020
by Cointele | Published on Coinage
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