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Billy Bambrough, a senior contributor at Forbes, has recently asserted that the U.S. monetary system is teetering on the brink of a collapse, with digital assets such as XRP now positioned at a focal point for positive impact.
Specifically, the Forbes article highlighted that concerns over the U.S. dollar’s potential collapse have intensified, with a shocking $33.7 trillion inflation warning from the U.S. Federal Reserve.
According to the report, this dire prediction makes a compelling bullish case for leading cryptocurrencies such as Bitcoin and XRP.
U.S. Debt Death Spiral
Bambrough first pointed out Bitcoin’s recent surge above $37,000, significantly contributing to the broader crypto market’s upward trajectory. However, he acknowledged growing concerns about potential threats to Bitcoin from the U.S.
In parallel, Bambrough referenced a contrasting viewpoint articulated by legendary billionaire investor Ray Dalio. Dalio offered an alternative narrative that countered the prevailing anxieties surrounding Bitcoin.
Specifically, Dalio raised a red flag about the staggering U.S. debt pile, reaching a monumental $33.7 trillion. The billionaire investor foresees an impending “inflection point” in the critical situation, with Bitcoin being viewed as a haven amid the looming economic doom.
Bullish Case for Bitcoin, XRP
In particular, the founder of Reflexivity Research, Will Clemente, highlighted Dalio’s perspective on the X platform, stating, “Ray Dalio laying out the bullish case for Bitcoin.”
Ray Dalio laying out the bullish case for Bitcoin pic.twitter.com/oScKiPaWPc
— Will (@WClementeIII) November 17, 2023
Per the Forbes report, the U.S. national debt crossed the $33 trillion mark in September. It mentioned the figure was fueled by unprecedented spending triggered by the Covid crisis and economic lockdowns.
Besides, Clemente drew attention to the grim reality. He emphasized that the government is coerced to accumulate more debt to service previous debt payments—a cycle reminiscent of individuals resorting to new credit cards to settle old debts.
The Forbes senior contributor believes the projected U.S. “debt death spiral” could lead to a collapse of the U.S. dollar and trigger a surge in the price of Bitcoin, XRP, and other cryptocurrencies. He particularly cited that the scenario could be akin to the gold rush.
The foundation of this perspective is that the Bitcoin market is progressively gaining recognition as a haven in the face of looming economic challenges. With Bitcoin gaining in value amid a U.S. dollar collapse, other digital assets like XRP are bound to follow a similar trajectory.