With the current trend, the number of millionaires would grow to almost 63 million by 2024. An infinite supply of money and the ticking timebomb of $246.5 trillion in global debt have made all of this possible. The U.S. Federal Reserve has been printing money like there is no tomorrow. Since September, the Fed has injected more than $210 Billion into the economy.
When a very high percentage of the population suddenly become “millionaires” it’s a sign that the money wealth measured in is on a solid path of devaluation.— Gabor Gurbacs (@gaborgurbacs) October 21, 2019
Unsustainable Debt and Currency PrintingThis unsustainable model of printing more money has led to the creation of more millionaires. However, the market always corrects. A massive currency devaluation could wipe out the confidence in monetary policies and bring back the gold standard. As investors flock to alternate asset classes, Bitcoin is one of the most attractive — as it is provably finite and not controlled by any country.
Not Enough Bitcoins to Go AroundHowever, there are not enough Bitcoins for everyone out there. With a cap of 21 million coins, Bitcoin miners recently mined the 18 millionth coin. The increasing number of millionaires cannot all own a single Bitcoin. In fact, if the total supply of Bitcoins had to be split between millionaires, they’d get less than 0.4 BTC each — and that isn’t even taking into account the number of bitcoins that have already been permanently lost or destroyed. What do you think about the ratio of bitcoins to millionaires? Let us know your thoughts in the comments below.
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