Warning! US Economy Expected To Collapse, But A Positive Sign For Crypto?

<p>"Hmm can you believe the warning given by the CEO of JPMorgan?"</p><p><br /></p><p>Jamie Dimon, the Chief Executive Officer (CEO) of the United States (US) multinational financial giant JPMorgan Chase and a well-known critic of Bitcoin (BTC) has warned of impending doom for the US economy.</p><p><br /></p><p>This is because the US economy may not be able to survive the ongoing debt problem in its country, where the US national debt has passed an all-time high of a staggering $34.1 trillion.</p><p><br /></p><p>Recently, Dimon also looked back on what has changed in the economy since 1982 when the US economy had a prime rate of 21.5% and inflation of 12% while the unemployment rate was pegged at 10% and the National Debt was 35% of the Gross Domestic Product (GDP).</p><p><br /></p><p><br /></p><p>Now, the ratio of Debt to GDP exceeds 100% with a projection of 130% by the year 2035, commented Dimon adding that foreigners currently own $7 trillion in US government debt and this means there will be a rebellion.</p><p><br /></p><p>It is well known that the US economy has not fully recovered from the COVID-19 pandemic, plus the Federal Reserve (Fed) continues to raise interest rates, but has started to slow it down in the past few months.</p><p><br /></p><p>Following that, Dimon believes that the US economy could be in trouble in the next 10 years if any drastic intervention is not implemented.</p><p><br /></p><p>Although Dimon, who failed to see the merits of BTC, has advised investors not to buy it, BlackRock CEO Larry remains a strong supporter of the digital asset and institutional investors may now be more interested in buying BTC due to the spot BTC ETF that has already been approved.</p><p><br /></p><p>Any major impact on the US economy is expected to benefit BTC and other cryptocurrencies in general as proponents such as Michael Saylor consider digital assets to be a key component of economic recovery.</p>