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Is Debt Default Good or Bad for Bitcoin?

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Mon, May 8, 2023 04:03 AM

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The US is inching closer and closer to a possible default on its sovereign debt. No one seems to bel

The US is inching closer and closer to a possible default on its sovereign debt. No one seems to believe that lawmakers in Washington will be dumb enough to let this happen because letting the debt crisis turn into an actual default would have horrific financial effects in the US and across the world. Serious analysts contend that effects of a US debt default would include crashing the stock market and reducing the nation’s credibility as a lender to zero, so it simply cannot happen. Unfortunately, no one expected the Financial Crisis, the Covid Pandemic, or Russia to invade Ukraine either. Here we are going to assume that the US sleepwalks into a default on its debts. Then we ask the question, is debt default good or bad for Bitcoin? FREE: Get Your Trend Analysis Training Video Now! Is Bitcoin the Ultimate Refuge When the Dollar Collapses? As Bitcoin rose from being worth a fraction of a cent to selling for tens of thousands of dollars per token enthusiasts told us that Bitcoin was the ultimate hedge against inflation and a safe store of value when financial chaos ran rampant across the globe. Then crypto winter set in and Bitcoin lost 80% of its value over twelve months. During that time it became apparent Bitcoin and crypto in general tracked up and down with the stock market and specifically the Nasdaq as the Federal Reserve raised interest rates and worries about a recession increased. If the US defaults on its debts and the dollar collapses (like falling by half against currencies like the euro or yen) the stock market crash will make the 2008 and Covid crashes look tame and drive prices of everything (denominated in dollars) through the roof. Will Bitcoin then act like the Nasdaq and fall or finally do what enthusiasts have been promising and retain value, thus rising by multiples against the US dollar? Will the Government Try to Solve the Debt Problem Through Devaluation? A common tactic of countries that have run out of money is to devalue their currency. Provided that the money they owe is payable in their own currency, it can be possible to cut the national debt by 99% or more by essentially making the old currency worthless and issuing new. Argentina has done this numerous times including once in 1992 when the new peso was now worth ten trillion (10,000,000,000,000) of the old pesos in circulation from 1970. If the US would choose this route, it would throw financial markets into a frenzy. Bitcoin would immediately be worth much more in dollars but probably not have any more purchasing power than it does today. Will The US Government Print More Money to Cover Its Debts? Those who want to lecture about the perils of inflation always talk about the German Weimar Republic in the 1920s where they simply printed more and more money (Deutschmarks) to cover expenses. In the end it took a wheelbarrow full of Deutschmarks to buy a loaf of bread. If the US simply printed more money to cover its debts that would drive inflation back up to levels even worse than a year ago and then the Federal Reserve would need to raise interest rates which would defeat the purpose because then US debt would cost the country more and more every year. Inflation of the US dollar would drive Bitcoin up and higher interest rates would drive it down, like they did in 2022. A grim thought is that while a default might make Bitcoin hugely more valuable in dollars, those dollars might be worthless and Bitcoin may simply retain its purchasing power against a basket of commodities like oil and coffee. FREE: Get Your Wedge Breakouts Training Video Now! [Image] Here are Some More Investing Tips and Resources. Enjoy! Sponsored [Urgent: Top 7 AI Stocks to Watch and Profit from in 2023]( Time is of the essence in the stock market, and we have an urgent message for you. The AI revolution is here, and it's happening right now. The companies that are leading the way in AI are poised to make enormous profits in the years to come.[Don't Waste This Opportunity]( By clicking the link you are subscribing to The Wealthiest Investor Newsletter and may receive up to 2 additional free bonus subscriptions. Unsubscribing is easy [Privacy Policy/Disclosures]( [Is Debt Default Good or Bad for Bitcoin?](?site= The US is inching closer and closer to a possible default on its sovereign debt. No one seems to believe that lawmakers in Washington will be dumb enough to let this happen because letting the debt crisis turn into an actual default would have horrific financial effects in the US and across the world. Serious analysts contend that effects of a US debt default would include crashing the stock market and reducing the nation’s credibility as a lender to zero, so it simply cannot happen. Unfortunately, no one expected the Financial Crisis, the Covid Pandemic, or Russia to invade Ukraine either. Here we are going to assume that the US sleepwalks into a default on its debts. Then we ask the question, is debt default good or bad for Bitcoin? FREE: Get Your Trend Analysis Training Video Now! Is Bitcoin the Ultimate Refuge When the Dollar Collapses? As Bitcoin rose from being worth a fraction of a cent to selling for tens of thousands of dollars per token enthusiasts told us that Bitcoin was the ultimate hedge against inflation and a safe store of value when financial chaos ran rampant across the globe. Then crypto winter set in and Bitcoin lost 80% of its value over twelve months. During that time it became apparent Bitcoin and crypto in general tracked up and down with the stock market and specifically the Nasdaq as the Federal Reserve raised interest rates and worries about a recession increased. If the US defaults on its debts and the dollar collapses (like falling by half against currencies like the euro or yen) the stock market crash will make the 2008 and Covid crashes look tame and drive prices of everything (denominated in dollars) through the roof. Will Bitcoin then act like the Nasdaq and fall or finally do what enthusiasts have been promising and retain value, thus rising by multiples against the US dollar? Will the Government Try to Solve the Debt Problem Through Devaluation? A common tactic of countries that have run out of money is to devalue their currency. Provided that the money they owe is payable in their own currency, it can be possible to cut the national debt by 99% or more by essentially making the old currency worthless and issuing new. Argentina has done this numerous times including once in 1992 when the new peso was now worth ten trillion (10,000,000,000,000) of the old pesos in circulation from 1970. If the US would choose this route, it would throw financial markets into a frenzy. Bitcoin would immediately be worth much more in dollars but probably not have any more purchasing power than it does today. Will The US Government Print More Money to Cover Its Debts? Those who want to lecture about the perils of inflation always talk about the German Weimar Republic in the 1920s where they simply printed more and more money (Deutschmarks) to cover expenses. In the end it took a wheelbarrow full of Deutschmarks to buy a loaf of bread. If the US simply printed more money to cover its debts that would drive inflation back up to levels even worse than a year ago and then the Federal Reserve would need to raise interest rates which would defeat the purpose because then US debt would cost the country more and more every year. Inflation of the US dollar would drive Bitcoin up and higher interest rates would drive it down, like they did in 2022. A grim thought is that while a default might make Bitcoin hugely more valuable in dollars, those dollars might be worthless and Bitcoin may simply retain its purchasing power against a basket of commodities like oil and coffee. FREE: Get Your Wedge Breakouts Training Video Now! [Continue Reading...](?site= [Is Debt Default Good or Bad for Bitcoin?]( And, in case you missed it: - [Blog Post: Day 6 of $QQQ short term up-trend; 96 US new highs and 39 lows Friday; This week will show whether debt negotiations squabbles will create havoc with the markets, hide in precious metals? See daily charts of $GLD and $SLV](?site= - [Trading Watch List 05.08.2023](?site= - [Linkfest: 08 May, 2023](?site= - [Good (Bad) Banks and Good (Bad) Investments: At the right price...](?site= - [Junshi Biosciences Announces Collaboration with Dr. Reddy’s to Develop and Commercialize Toripalimab in 21 Countries](?site= - FREE OR LOW COST INVESTING RESOURCES - [i]( [i]( [i]( [i]( Sponsored [This Could Become Your Favorite Stock In A Recession]( Financial experts are split on the recession. Some deny, some say it’s already started, and some are giving new silly names like a “rolling recession” to try to make sense of it. The fact is much of the market believes a big recession is still coming...[Get the FULL Report Here]( By clicking link you are subscribing to The Investor Newsletter Daily Newsletter and may receive up to 2 additional free bonus subscriptions. Unsubscribing is easy. [Privacy Policy/Disclosures]( - CLICK THE IMAGE BELOW FOR MORE INFORMATION - [i]( Good Investing! T. D. Thompson Founder & CEO [ProfitableInvestingTips.com]() ProfitableInvestingTips.com is an informational website for men and women who want to discover investing and trading products and strategies to educate themselves about the risks and benefits of investing and investing-related products. DISCLAIMER: Use of this Publisher's email, website and content, is subject to the Privacy Policy and Terms of Use published on Publisher's Website. Content marked as "sponsored" may be third party advertisements and are not endorsed or warranted by our staff or company. The content in our emails is for informational or entertainment use, and is not a substitute for professional advice. Always check with a qualified professional regarding investing and trading guidance. Be sure to do your own careful research before taking action based on anything you find in this content. 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