The market capitalization of Bitcoin is surpassed by US debt in a single day


Even as a worldwide financial catastrophe looms and the United States’ national debt continues to rise, the Treasury Department recently added enough to the debt to equal more than half of Bitcoin’s (BTC) market valuation in a single day.

Samson Mow, CEO of Pixematic and JAN3, made the comparison in an X post on October 4, stating that Bitcoin’s market valuation was $536.69 billion as of press time.

As Mow, the strategist behind El Salvador’s Bitcoin bonds project, pointed out, the huge amount of US debt is equal to about 10 million BTC, “and yet there are still people that are unsure if $27k is a good price to buy.” He was talking about the value of the most important decentralized finance (DeFi) asset at the time of publication.

At the time of writing (October 4), the price of a single Bitcoin was $27,557, down 0.11 percent from the day before but up 5 percent from the week before and 6.1 percent from the month before.

While the price of the first cryptocurrency is significantly higher now than it was in its infancy, it is still far below its ATH of $69,000 from November 2021, prompting many crypto traders and investors to speculate that this may be a good time to buy.

Author of the best-selling personal finance book ‘Rich Dad Poor Dad,’ Robert Kiyosaki, recently shared his opinion that Bitcoin is currently a relatively cheap investment, but that this won’t last for long as more and more people see its value and rush to acquire it, driving up its price.

Also Read: The SEC’s request to appeal the Ripple (XRP) decision was denied by the judge

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