The US national debt has gone beyond $24 trillion now, and according to the US treasury, this is the largest nominal fee ever recorded. Within a year, the debt has grown by $8 million.

The reason behind this is the rapid influx of cash into the economy by the US Federal Reserve in a bid to save the crippling economy and tackle the hike in the unemployment rate. The coronavirus has wreaked the entire employment system and the economy has come to a standstill.  The bank of America's analysts reports that such measures might push its balance sheet over $9 trillion by the end of 2020.
<h2>Us National Debt Figures Could Be Much Worse</h2>
The financial times <a href="https://www.ft.com/content/ec10b41a-84af-4e44-ad3f-5bb86b6e1eaa" target="_blank" rel="noopener">reports </a>that according to its sources that these numbers are moderate and could be far more worse in reality. According to vice-chairman WTF Ever core ISI, Krishna Guha, we could be staring at a US National debt of $12 trillion by July, which would be roughly 60% of the current GDP of US.

Bitcoin's price has however isolated itself from the trauma and failure of the US economy and continues to recover and perform remarkably well. The network stands secure as China removed quarantine as much of its hash rate comes from the country, the network regaining its old levels.

Mike Novogratz, the CEO of Galaxy Digital chipped in and offered his two cents and stated that bitcoin should benefit from the unprecedented money printing. He says that while the printing is the need of the hour, ultimate people would turn to hard assets.

He also believes that the stage is set for bitcoin to go blow and if it doesn't now, he doesn't know think when it'll. However, this view is not shared by the whole bitcoin community as almost 30% believe that bitcoin would go down again in the coming months.  What is not going down though, is the US National Debt.

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US National Debt Deepens, as Bitcoin Bounces Back

While the US National Debt looks set to increase in the coming months, bitcoin is recovering its ground and coming right back up.

Zain is a fervid fan of bitcoin and has been meticulously covering the field for a fair amount of time now. An aficionado of Spider man, Liverpool and Slim Shady.

US National Debt Deepens, as Bitcoin Bounces Back

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