Cryptocurrencies are a life boat for what’s about to come

Every year the United States is running a budget deficit of a trillion dollars plus. No political party has the will to trim spending (they just spend on different things, but the end result is always a huge deficit). We will be at a point, in about 10 years, where ever dollar the US government collects, in a given year, will only be enough to service the interest on the overall debt (27 trillion and counting). Which means interest rates will remain low, basically forever; because increasing the interest rates will bankrupt the government. In order to run the government and pay for its existing obligations (Medicare, social security, etc.) the federal reserve will only have one option left – continue printing more money. At that point inflation will start to become 10% year over year.

This is why you will start to hear about the US government creating a digital dollar, as they hope to employ behavioral economics with programmable money (different interest rates for different groups and other incentives/disincentives). In a sense they are hoping to haircut the old dollar and monetize the debt with this new dollar.

I love different cryptos for different reasons and I have a diverse portfolio. But when I recommend crypto to newbies, I always recommend Bitcoin first. Why Bitcoin over other crypto currencies? Bitcoin does one thing very well and has proven itself for over a decade. It is currently 60% of the entire crypto market, so that speaks for itself. Additionally, a pegged Bitcoin ether token (WBTC) is in the top 15 – providing price exposure to BTC within another crypto (think about that for a second). I could go on, but there are many others on this forum that will do a much better job than me. I honestly have no ill will towards any other cryptos and in fact think that some compliment Bitcoin very well. I see some real potential to create credit markets, provide private property in the digital space, and revolutionize contracts forever.

But people need to understand what is coming and jump on this life boat before it’s too late.

submitted by /u/freemarketdaddy
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