The Escalating Debt Situation

By the end of 2019, the world’s combined debt is projected to skyrocket to a staggering $255 trillion. That’s roughly $32,500 per person! Imagine carrying that around like a shopping list. Even more staggering, it could equate to $12.1 million for each Bitcoin in circulation. The figures come courtesy of the Institute of International Finance’s updated Global Debt Monitor, which has left Bitcoin enthusiasts feeling a mix of shock and disbelief.

A Year of Debt Growth

Compared to the tail end of 2018, global debt is set to grow by an additional $12 trillion. Picture this like an incessant birthday party where every year, instead of gifts, people just pile on more debt. Meanwhile, the United States national debt itself continues to balloon—reaching an astronomical $23 trillion. This situation might prompt cries of alarm, but surprisingly, the Federal Reserve seems unfazed by the ongoing rise.

Fed Chair’s Perspective

Jerome Powell, the chair of the Federal Reserve, described the current trajectory of debt as “unsustainable.” Yet, hey, he’s not losing sleep over it. His approach raises a question: shouldn’t we all be a bit concerned if the guy in the financial hot seat treats this as no big deal?

Bitcoin vs. Fiat Currency

The implications for Bitcoin enthusiasts are crystal clear: the fiat economy is, quite frankly, going off the rails. The situation has led many to reflect on Saifedean Ammous’s key points from his widely-acclaimed book, “The Bitcoin Standard.” However, more than just theorizing, advocates like Trace Mayer are urging everyone to take back control of their financial futures. In a recent episode of the Tales from the Crypt podcast, Mayer challenged listeners to ponder the important questions:

• Are you ready to claim your monetary sovereignty?
• Will you hold your own private keys?
• Have you thought about running your own full node?

His passionate rhetoric suggests that in this monetary battle, knowledge—and action—is your best weapon.

The Proof of Keys Movement

In support of financial independence, Mayer spearheads an annual event called Proof of Keys. This initiative encourages Bitcoin holders to withdraw their funds from third-party wallets, doing so on January 3rd. It’s like a New Year’s resolution but for your cryptocurrency—keeping your assets secure from the clutches of centralized entities.