Bitcoin price surges to over $100,000 as inflation data shows prices rising faster than expected, fueling concerns about the US dollar’s value. The influential billionaire investor Ray Dalio has warned of a looming “debt crisis” that could trigger a sharp decline in the value of the US dollar.
US debt has soared to $34 trillion, with Covid-19 stimulus measures contributing to massive government spending and sending inflation spiraling out of control. Dalio predicts an unsustainable level of debt across countries, leading to a “great decline” in money and US dollar value.
As traders and investors pile into scarce assets like bitcoin and gold, some analysts expect the price of bitcoin to reach $120,000 to $140,000 in the next couple of months. Elon Musk has joined forces with President-elect Donald Trump to campaign against government overspending, which he blames for soaring inflation.
Source: https://www.forbes.com/sites/digital-assets/2024/12/11/fed-dollar-crisis-warning-spurs-sudden-100000-bitcoin-price-surge