As the U.S. national debt surpassed 36.2 trillion dollars, Tyler Winklevoss of Gemini Exchange drew attention with a simple message to "buy Bitcoin".
Winklevoss expressed his stance in just two words without any additional explanation or analysis of the chart showing the vertical rise of U.S. federal debt from the early 2000s to the present.
This statement came shortly after Moody's downgraded the U.S. credit rating from the top-tier Aaa to Aa1 on May 17th. Moody's pointed out the increase in fiscal deficit and the lack of a clear plan to control it.
Treasury Secretary Yellen tried to stabilize the market by saying "the U.S. will never default", but investors are already moving funds to Bitcoin. In May, the U.S. spot Bitcoin ETF recorded a net inflow of 5.25 billion dollars (approximately 7.2975 trillion won), while gold ETF saw an outflow of 1.58 billion dollars (approximately 2.1962 trillion won).
In March, BlackRock CEO Larry Fink warned that the U.S. could lose its dollar's reserve currency status if it fails to control its debt, mentioning digital assets including Bitcoin as an alternative.
Currently surpassing 100,000 dollars (approximately 139 million won), Bitcoin is forecast to rise to 220,000 dollars (approximately 305.8 million won) by the end of the year due to ETF fund inflows and expectations of Fed monetary easing, with a bullish forecast potentially reaching 444,000 dollars (approximately 617.16 million won).
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