Institutions take on Bitcoin while US debt is at record high

US debt explosion at record high

The US budget deficit has grown to unprecedented levels in recent months. The U.S. Treasury report found a deficit of $ 864 billion, surpassing its previous high of $ 738 billion in April this year.Even before the corona pandemic and the associated economic crisis, parts of the US governments had to suspend their work and state wages were sometimes not paid. At that time, the US Congress was unable to agree on a final budget because the issue of new borrowing was the subject of controversial debate. In the meantime, however, the situation has become much more tense, because the US government sees no further lockdown due to a second wave of Covid-19 infections after the massive stimulus packages. According to US Treasury Secretary Steven Mnuchin, the US economy will not be able to withstand a further shutdown, despite the Fed’s ongoing flood of money.

 

Grayscale: Bitcoin & crypto investment volume increases by 80%

Grayscale is currently the largest asset manager in the digital asset sector. The company’s current quarterly report shows how strongly institutional investors are now investing in Bitcoin and other cryptocurrencies. An increase of 80 percent was achieved compared to the previous quarter. 80 percent within just three months is enormous and shows that, especially in corona times, institutional investors are looking for diversification opportunities.