In a move that could increase U.S. domestic debt by 10% or more, the U.S. Treasury Department will issue $3 trillion in debt in the third quarter, a trend that many believe will be upward for Bitcoin and other assets.
The U.S. Treasury Department announced that it seeks to issue nearly $3 trillion in debt in a single quarter, that is $3 trillion. Many experts in the crypto community have called this news a bullish signal for Bitcoin Investor, Bitcoin Capital, Bitcoin Future, Bitcoin System, Bitcoin Champion and Bitcoin.
For Bitcoinist, for example, with more money in the system, much of which was recently created, there’s a greater chance that assets like Bitcoin will see increases in value.
U.S. Treasury to Issue $3 Trillion in Debt
In a statement Monday, the U.S. Treasury Department said it is borrowing a record $2.99 billion, a billion more than the last figure approved at the end of March, which was $2 billion. The money would be in place by the second quarter of 2020.
Currently, as reflected in the media, the US national debt is $24.9 trillion. If we add the $2.99 requested, the increase is more than 10%.
The U.S. Treasury has indicated that fiscal stimulus measures have had to be activated to save individuals and businesses across the United States affected by the COVID-19 pandemic. The previous allocation totaled $2 trillion, and at least one more package is expected to help the more than 30 million Americans who are unemployed, as well as thousands of businesses with no income stream.
In addition to the $3 trillion, several media outlets indicated that the Treasury expects to borrow another $677 billion in the third quarter. This is a figure derived from the assumption that the crisis will not worsen and that a massive stimulus is not needed.
Debt figures and indicators
According to the BeInCrypto media, the U.S. national debt continues to grow at an unprecedented rate, now accelerated by the COVID-19 pandemic, which is also shaking other major economies.
According to that media, the US is about to reach $25 billion in national debt. The debt per citizen or per capita, is currently around USD $75,600. Even the debt/GDP ratio for the US country is currently at 116%. By way of comparison, adds BeInCrypto, it was only 34.5% in 1980, a drastic increase.