US debt ceiling crisis strengthens case for cryptocurrencies

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City AM

By Darren Parkin The US Treasury Secretary Janet Yellen has said the United States would likely hit its $31.4 trillion debt ceiling on Thursday. This, to me, further strengthens the case for Bitcoin and cryptocurrencies. The debt ceiling is the amount of money the US is able to borrow to pay its bills. Since the cost of running the government is far greater than federal tax revenues, the US must raise additional money by selling Treasury bonds – but it cannot do this after hitting the debt ceiling. If the US is unable to pay its bills, it will default on its debt. That’s only happened once in …

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