Bitcoin price today: gains to $120k, near record high on U.S. regulatory cheer
U.Today - With the U.S. national debt surpassing $36.9 trillion, Coinbase (NASDAQ:COIN) CEO Brian Armstrong shared his thoughts, saying that if the government keeps spending more than it is earning, Bitcoin could become much more important around the world and even become a backup currency for other countries.
It is not a prediction of doom but more of a sign that if traditional systems keep losing credibility, alternatives like crypto might start to look a lot less speculative.
Armstrong’s point was not just about Bitcoin’s potential, but also about the dollar’s growing vulnerability. The U.S. budget deficit is now projected at $2.5 trillion for the year — the largest in history — and interest payments on the debt are steadily increasing. This puts pressure on the American financial model, and it is hard to ignore.
Bitcoin, MrBeast and Elon Musk
That pressure is not just a theoretical matter. Actually, it is drawing in public voices from all sorts of fields, not just finance. MrBeast, one of the most followed content creators on the planet, responded to Armstrong by questioning the logic of an economy that seems to be on a one-way track toward $100 trillion in debt — and yet still expects lenders to keep showing up.Critics like Elon Musk are already calling the latest budget a disaster. Sure, there were some spending cuts, but nothing that actually changed the direction. Economists say the U.S. is on track for a $5 trillion yearly deficit in under a decade — and with higher interest rates, the cost of just managing the debt keeps growing.
Perhaps that is where Bitcoin comes in — people might turn to a digital asset not as a utopian dream but if they lose faith in fiat currency. Whether it is a hedge, a backup or a last resort, it is worth remembering what the first Bitcoin transaction was about.