In the latest report by the Institute of International Finance (IIF), the global debt has hit a high of more than US$250 trillion and is ballooning toward a new record of US$255 trillion by year’s end — equivalent to over US$32,500 for every person on the planet. The report also warned world's borrowing is on track to its annual economic output by three times more.
This advancement is further powered by US$7.5-trillion surge in the first half of the year, around six-tenths of which came from the U.S. and China. The IIF in its statement said, "With few signs of slowdown in the pace of debt accumulation, we estimate that global debt will surpass $255 trillion this year.” It further said this current runaway debt is right time for investment in Bitcoins.
Moreover, it seems that debt is now the rule than the exception for virtually all firms’ governments and banks in our current day and age.
The report says, "The big increase in global debt over the past decade — over $70 trillion — has been driven mainly by governments and the non-financial corporate sector (each up by some $27 trillion)."
Bitcoin the best money solution-
One of the major reasons behind the global debt is the reckless printing of fiat currency. By introducing Bitcoin, there will be a fixed supply capped at 21M BTC. That means that its value cannot be distorted through more minting, therefore functioning as ‘sound money.’
“However, with diminishing scope for further monetary easing in many parts of the world, countries with high levels of government debt (Italy, Lebanon) – as well as those where government debt is growing rapidly (Argentina, Brazil, South Africa, Greece) – may find it harder to turn to fiscal stimulus,” the IIF said.
