Bitcoin and the U.S. Fiscal Reckoning

In inflationary times, some investors see a sound money alternative in bitcoin.

In 2008, Satoshi Nakamoto delivered the distributed ledger innovation, bitcoin, to the world. For Nakamoto, one of the fundamental reasons for the introduction of the digital money involved a deep distrust of sovereign currencies. At that time, US debt had reached $10 trillion.

The ascendance of bitcoin since then coincides with a sharp rise in US federal borrowing. Today US debt stands at $29 trillion, and the Federal Reserve has drastically increased the supply of dollars in circulation. Holders of US dollars are increasingly concerned about the prospects of a devalued currency and ...