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US debt crisis might drive Bitcoin to $1M by 2030

US debt crisis might drive Bitcoin to $1M by 2030

GrafaGrafa2024/11/06 11:00
By:Isaac Francis

Sebastian Serrano, CEO of Argentina-based cryptocurrency exchange Ripio, has forecasted that Bitcoin (CRYPTO:BTC) may soar to $1 million by 2030, driven by escalating U.S. public debt and dollar devaluation.  

Serrano contends that ongoing fiscal pressures and high government spending—regardless of the 2024 U.S. presidential election outcome—will intensify the need for debt-fueled financial strategies, ultimately eroding the dollar’s value.  

“The U.S. debt is already US$35 trillion,” Serrano stated, adding that the U.S. fiscal state has “no other option but to devalue the currency.”  

This mounting debt, according to Serrano, will push investors toward assets viewed as safe havens, including gold and Bitcoin. 

“The elderly will run to gold, and the new generations will buy Bitcoin,” he emphasised, explaining that this trend may differ by generation.

Serrano’s prediction follows a broader belief among investors that Bitcoin could serve as a hedge against governmental fiscal policies.  

Matt Hougan, CIO of Bitwise, echoed this sentiment in September, describing Bitcoin as the “ultimate insurance policy against our government royally messing up the U.S. dollar.”  

Despite Serrano’s bullish outlook, he suggests that Bitcoin’s price may experience some volatility in the near term, particularly if Kamala Harris secures the presidency, as this could influence market corrections in 2024.  

However, he maintains that the overall trajectory remains positive, with significant growth anticipated over the next six years.  

Serrano’s views reflect a growing perspective among investors that rising national debt and inflationary pressures will bolster Bitcoin’s appeal as a long-term store of value, with the potential to reach unprecedented levels by the decade’s end.

At the time of reporting, the Bitcoin price was $74,386.81.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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