The United States’ national debt held by the public is nearly $ 22 trillion, or about $ 67,000 per citizen, exceeding the country’s annual Gross Domestic Product for the first time since World War II. The Congressional Budget Office predicts it will reach 102 percent of GDP by the end of 2021, 107 percent by 2031, and 202 percent by 2051.
The “increasing burden of federal government debt would increase the risk of a fiscal crisis and higher inflation, as well as undermine confidence in the US dollar,” concluded the Congressional Budget Office (CBO) in its Long-term budget outlook for March 2021.
If the world lost confidence in the dollar, what could replace it: another fiat currency, gold, or bitcoin? That was the subject of a recent Oxford-style debate organized by the Soho Forum.
John Vallis, financial consultant and presenter of the Bitcoin Rapid Fire podcast, believes that bitcoin will eventually replace governments fiat money as the preferred News Block of exchange. He argues that global bitcoin adoption is a question of when not to.
Lawrence H. White, an economics professor at George Mason University, is skeptical about the future of bitcoin as money. He believes that it may have a future as a financial asset, but it is not suitable to become a global News Block of exchange.
The debate was moderated by Soho Forum Director Gene Epstein and took place before a live audience at the Porcupine Freedom Festival, better known as PorcFest“In Lancaster, New Hampshire.”
Narrated by Nick Gillespie, Audio Production by John Osterhoudt