Why We Need Bitcoin: Global Debt Reaches New Record High
November 18, 2019, by Marko Vidrih on ALTCOIN MAGAZINE
By the end of 2019, global debt will exceed $255 trillion, led by the United States and China. This current runaway debt model is a perfect example of why we need Bitcoin.
Global debt has exploded over the last two decades. The projected figures for 2019 should concern us all. By the end of the year, global debt is expected to reach $255 trillion.
Governments and the general private sector have accumulated high debts — debts unprecedented in history. In 2019, we are well on our way to another worrying milestone: global debt already surged by $7.5 trillion in the first six months of 2019.
The numbers are shocking and even more alarming when you look at the trends of the past two decades: in 1999, global debt was at just under $100 trillion. Since then it has increased by 150% in only 20 years. It is estimated that it does not seem to slow down and could reach $500 trillion faster than many think possible.
China and the United States are world leaders in sovereign debt, but a growing portion of the pie is being absorbed by private companies. It seems debt has become the norm for virtually every major corporation, government and bank of our time- and not the exception.
The expansion of global debt is a direct result of the ruthless pressure on paper money. In fact, we have a “debt economy” that is difficult to justify as sustainable.
To what extent does Bitcoin an alternative? Well, on the one hand, Bitcoin has a fixed offer, limited to 21 million BTC. This means that its value can not be distorted by imprinting.
Such ideas may seem strange for many, but they will soon prove necessary — if we want to save our world economy. Looking at long-term trends, it is clear that the world urgently needs a solid currency. In short, that’s why we need Bitcoin.
Author: Marko Vidrih
