Bitcoin
BTC
, ethereum and the broader crypto market have rocketed this yr although the worth rally has stalled this week as a leaked memo revealed a secret Democrat plan for a U.S. crypto crackdown.

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The bitcoin worth growth has been partly fueled by the U.S. banking disaster that thrust crypto again into the limelight and boosted the ethereum worth together with prime ten cryptocurrencies BNB
BNB
, XRP
XRP
, cardano, dogecoin, polygon and solana.

Now, after legendary investor Stanley Druckenmiller warned of a $200 trillion U.S. debt burden, MicroStrategy
MSTR
 founder Michael Saylor has predicted a bitcoin “stampede” as a consequence of lack of confidence within the U.S. greenback and banking system.

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“The meltdown in banks and the meltdown of currencies is driving a stampede of good cash to bitcoin,” Saylor, who has led his software program firm in shopping for 140,000 bitcoin presently price $3.7 billion over the past three years, advised YouTuber David Lin.

“If you happen to lose confidence within the forex, the banks, then you definitely lose confidence in fiat forex as cash. And due to this fact the cash is dying,” Saylor stated, pointing to the struggling financial conditions in Venezuela and Argentina the place inflation has spiraled to triple-digit percentages.

“If I can’t belief the financial institution, if I can’t transfer the cash cross-border and if the forex is shedding worth yearly or each month, then I begin enthusiastic about commodity monies,” comparable to gold and bitcoin.

Saylor’s “stampede” prediction comes scorching on the heels of expertise investor Balaji Srinivasan failed $1 million bitcoin worth wager, who admitted he’d “burned 1,000,000 to inform you they’re printing trillions.”

Srinivasan’s $1 million bitcoin worth prediction was triggered by the banking disaster that is led to a number of the largest banking failures in U.S. historical past, with fears the collapse of Silicon Valley Financial institution and First Republic may cascade into PacWest and different regional banks.

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In the meantime, the U.S. hurtling towards the first-ever U.S. debt default that might occur as quickly as subsequent month as a standoff between president Joe Biden and the Republican-controlled Home of Representatives continues.

Earlier this month, billionaire investor Stanley Druckenmiller warned the official $31.4 trillion debt restrict might be dwarfed by the $200 trillion debt pile as soon as future entitlement funds are factored in.

Druckenmiller in contrast the debt ceiling and the fiscal spending to “worrying about whether or not a 30-foot wave will injury the pier when you realize there is a 200-foot tsunami simply 10 miles out,” in a speech reported by Bloomberg.

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