The fact that Fitch downgraded the US government's credit rating is not a problem for Bitcoin.
The fact that Fitch downgraded the US government’s credit rating is not a problem for Bitcoin.
Fitch downgraded the U.S. government’s credit rating Tuesday, citing the national debt and deteriorating politics. Bitcoin is already looking good this year with the NFTs. But this really puts the shine on BTC.the United States’ rating down from AAA to AA+ this week. Only once before has this happened, when Standard and Poor’s docked America’s credit score.
U.S. Treasury Secretary Janet Yellen rattled back that Fitch’s tables are arbitrary and outdated. JP Morgan CEO Jamie Dimon called the U.S. downgrade “ridiculous” andBut this downgrade by one of the big three credit ratings agencies signals something important in the era of Bitcoin. That is, the dollar now has to hold its own against real market competition because of the Internet.In the 20th century, really big numbers were astronomical. Today more and more, it seems they’re economical.
Next to an increasingly lackluster savings instrument, one that promises to pay you back later in dollars whose value is TBD by central money supply managers, Bitcoin looks really attractive. Bitcoin offers savers, investors, and cash equivalent holders a supply-capped, deflationary currency to hold their money. Its global network of anonymous peers is relentlessly energetic about guarding the supply cap
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