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Influencers Advocate Bitcoin Buying as "Looting-the-Treasury Phase" Hits US

General News
2024-03-13 11:33:52
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As the United States grapples with ballooning national debt levels, influential voices on X are urging their followers to acquire Bitcoin, gold, and silver as a hedge against potential inflation and asset seizures.

 

Prominent entrepreneur and angel investor Balaji Srinivasan sounded the alarm, asserting that Bitcoin presents the sole realistic solution to circumvent the perils of unsustainable government spending and asset confiscation risk. "We're in the looting-the-treasury phase of imperial collapse," the former Coinbase chief technology officer cautioned his 994,000 followers.

 

Srinivasan highlighted the rapid and unsustainable growth of government debt and wasteful expenditure. The U.S. national debt has surged to a staggering $34.5 trillion, a 25% increase since 2020. The Andreessen Horowitz (a16z) general partner outlined four potential approaches: denial, pursuit of political remedies, surrender, or "simply feed yourself at the trough." His recommendation? "Starve the beast with Bitcoin, which is money they can't easily seize or print."

 

Echoing Srinivasan's sentiment, renowned author Robert Kiyosaki of "Rich Dad Poor Dad" fame advised his followers to "be prepared" by investing in store-of-value assets like Bitcoin, gold, and silver, citing America's ailing financial health and debt accrual of $1 trillion every 90 days.

 

Moreover, Srinivasan warned of the potential for private asset confiscation by the "ravenous state" as financial reckoning looms, citing examples such as the seizure of assets from Canadian truckers, the freezing of Russian assets, and the perceived "weaponization" of state powers against Elon Musk and Donald Trump.

 

"Private property will not be protected by the state in a bankrupt Blue America," he cautioned, before adding, "Fortunately, we have Bitcoin, which isn't dependent on the state and can't easily be seized."

 

In a bold wager last March, Srinivasan bet $2 million that Bitcoin would reach $1 million by June 2023, citing the prospect of hyperinflation in the United States.

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