Asset manager Grayscale states that the uncontrolled growth of U.S. government debt, which exceeded $40 trillion last week for the first time, undermines the credibility of fiat currencies and drives investors toward alternative stores of value like bitcoin. The U.S. Treasury announced it would at least double the size of its liquidity-support buyback operations, which hurt the dollar while benefiting non-yielding assets. Bitcoin reached a high of $81,281 this week and is currently trading at $77,493, representing a gain of more than 20% over thirty days. The dollar had its worst week of August, falling to a three-month low. Grayscale believes the Treasury is treating the symptoms rather than the structural cause of deficits.
Source: Read the original article
