ShapeShift CEO Erik Voorhees calls the US Federal debt the “biggest financial bubble”

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  • The United States debt is seemingly unsuitable according to a study by the world bank.
  • Bitcoin continues to show the potential of reaching greater heights even as critics load their guns.

The anti-Bitcoin community has referred to the digital asset as the biggest bubble in the history of mankind. They say that Bitcoin’s bubble makes the Dotcom bubble look like a drop in the ocean. While their words may be harsh for emerging technology, they can’t be blamed for Bitcoin’s meteoric rise from $0.66 in 2010 to highs almost at $20,000 in December 2017.

Despite the drop, Bitcoin managed to recover to highs around $13,800 in June this year from levels around $3,150 in December 2018. The fact that Bitcoin is not just alive but also showing greater potential is armoring the critics who have started terming Bitcoin as a failed asset.

Although Bitcoin could be struggling to compete with platforms like Visa and MasterCard as means of payment, the CEO of ShapeShift, a crypto exchange believes that critics to don’t want people to look at the elephant in room. For instance, the US which is the biggest economy in the world has a huge debt problem. ShapeShift CEO Erik Voorhees terms the craze around buying government bonds with the hope of selling them to another person as the greater fool theory.

Read more: Bitcoin market cap to skyrocket to $1 trillion as BTC price hits $55,000 in a few months, says analyst

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