On 13 February 2019 US declared that it had peaked the debt figures reaching $22 trillion this week, which is currently very high for any country in the world. This has led to dissatisfaction among the citizens of the U.S.
The debt has risen to a total of $2 trillion since Donald Trump has been elected as President of the United States. The situation is only going to get worse in the coming years and chances are that it may lead to hyperinflation.
The economy of the U.S. is directly affiliated to the world economy as it contributes the most. This may, in turn, affect several countries in the world which has trade tie-ups with the U.S.
According to the Congressional Budget Office [CBO], there is no change in governing policies, governing taxes and governing expenses. They are going to remain the same for the coming years. This is only going to add up to the deficit figures, which increases the debt.
The Estimated Debt is going to reach $28 trillion by the end of 2029, which is still going to be the Highest in the world. The debt is likely to be increased from 76.5 percent of the total GDP in 2017 to 96.2 percent by the end of 2028. If the U.S. takes a halt on spending lump sum money on defense and discretionary, then the expenditure will be less compared to hat U.S. is doing currently.
Donald Trump on Fox News said that “When you have $18-$19 trillion in debt, they need someone like me to straighten it out”. Citizens are yet to see how the president is going to solve the problem, while the debt keeps piling up like a mountain.
Cryptocurrency on another hand will be helpful in this situation to solve the problem. Bitcoin, Ethereum is directly opposite to what fiat money is, and it is decentralized where the central government doesn’t have any control over this currency. Unlike fiat money, cryptocurrency is controlled over algorithms; thus demand and supply get controlled by the algorithm while maintaining the value.
Currently, there are no fees or very low fees within cryptocurrency payments. Bitcoin payments are now safe as there is no tracking on it and it safeguards the user’s privacy. Digital Currency Exchange [DCE] makes it easy to process the transaction and convert them into fiat money while charging very less fee compared to a credit card or other payment methods.
Since the introductions of the cryptocurrency, more and more countries are recognizing the benefits and key features of it and soon it will be an alternate mode of payment.