Global Debt Hits $243 Trillion, Is BTCs Time Now?

Global Debt Hits $243 Trillion, Is BTCs Time Now?

Global debt is piling up and has now reached an incredible amount of more than $240 trillion and the stock market isn’t looking pretty either. With this in mind, some investors and financial experts are aiming their focus on Bitcoin and cryptocurrencies by speculation about the causes of the renewed interest in the cryptocurrency.

So the international debt has increased by more than 50 percent since the last financial crisis of ten years ago. According to the Institute of International Finance (IIF), even though the worldwide debt slowed down in 2018, the debt has now accumulated a mountain of debt with $243 trillion USD.

The Institute released a report last week that details how each sector has contributed to the international debt. You can read the report here.

On the other hand, the Bitcoin price has recently led to a massive rally of cryptocurrencies, while heavyweight Wall Street companies have increased their involvement in the crypto market. With this, leading financial specialists and investors are now interested in finding out whether there is an interest in finding out whether there is an intersection between the climbing debt and the recent spike in the price of Bitcoin.

The former global editor that was in charge of financial markets for Bloomberg, Robert Burgess has talked about the implications of the $3.3 trillion added on top of the global debt and has highlighted this context, saying “the pessimism about stocks and spiking Bitcoin fever.”

Burgess highlights that although stock prices have increased a little, they have stayed pretty flat since early 2018. In contrast, he remarks on the optimistic views that are starting to prevail among cryptocurrency enthusiasts following the surge of Bitcoin last week. He writes, “as if on cue, crypto promoters were predicting even more gains, with one saying Bitcoin will surely reach $7,000 in short order.”

Burgess admits that nobody really knows for sure what is kicking off the Bitcoin price but one of the biggest management firms in Canada, Richardson GMP has suggested that it could be one of the following:

“1) A short covering/squeeze that was triggered when Bitcoin recently moved above $4,000;

2) A blockchain conference in Seoul;

3) An exchange of pounds for Bitcoin by British citizens in case Brexit goes horribly wrong;

4) An April Fools’ Day story on an obscure crypto website claiming the U.S. Securities and Exchange Commission approved Bitcoin exchange-traded funds.”

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