ShapeShift CEO Erik Voorhees Claims That US’s Surmounting Debt Will Cause Bitcoin Bull

by | Nov 11, 2018 | Bitcoin, Cryptocurrency, Cryptocurrency News

Erik Voorhees | US Debt | Recession | Shapeshift | Bitcoin | Bitcoin Bull
The talks of the next global economic recession are catching fire as experts after experts are predicting that the formidable recession is approaching soon. Apparently, almost every prediction entrusts alternate investments such as cryptocurrencies to grow as a result. The ShapeShift CEO, Erik Voorhees echoes a similar sentiment as he states that the rapidly growing level of US debt will lead to a major spike in the price of Bitcoin and other cryptocurrencies. 
Voorhees believes that the increasing level of US debt will cripple the economy and this bring upon an increase in cryptocurrency investment. He stated: 

 “When the next global financial crisis occurs, the world will realise organisations with $20trillion in debt can’t possibly ever pay it back. Thus must print it instead, and thus fiat is doomed. Watch what happens to crypto.”

The US lawmakers are facilitating the federal government to take on more and more debt, by increasing the country’s debt ceiling. As and when the next global crash is observed, bitcoin would probably the dollar, as believed by Voorhees.
He explains that as the debt level of world economies is unsustainable, it will put the states under pressure the next time there is a financial crash. Which will require the government to adopt quantitive easing i.e. printing more money, to help pay off the money they owe. Eventually lowering the fiats worth as more money in circulation the less it is worth.
The devaluation will see the saving of ordinary families decrease in their value as well. Such a scenario will inspire more people to invest in cryptocurrencies. Notably, even though Bitcoin’s prices have somewhat stabilized in recent months there extreme volatility is a matter of financial risk for investors as well.
In late 2017, Bitcoin jumped to a high $19,783, more than double it value, though this hike did not sustain for long as the start of 2018 observed the token plunging down. In June the value crashed lower than $6,000 in June, at the time of writing Bitcoin is worth $6,367.36.

 

Arshmeet Hora

The idea of expressing one’s views and reviews through words is beyond intriguing. What started as a creative let out has now become a passion and a profession for Arshmeet K Hora. In her own words ” with every word, every article that I write, my passion towards this medium has grown stronger.”  Arshmeet covers latest crypto news and updates as well as what happening new revolving around Blockchain Technology.

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Pornhub, an adult content site has found various ways to get on the nerves of Indian Government, for one the website has shifted from its  traditional ‘.com’ domain to ‘.net’ domain in order to circumvent the Indian ISP block. On top it the website has recently announced that they are willing to accept payments via cryptocurrency, while several countries including India have not accepted it as a legal tender.

The website was initially blocked by the Indian authorities together with other adult sites. The Indian government issued orders to all telecommunication firms to block such sites, which included 827 platforms. Being extremely popular in the country, Pornhub, found a way out to nullifying the ISP blockades, allowing its loyal customers to access the site.

According to a crypto news outlet, the website is open to resolve any further issue related to the matter with the government in a professional way. Just recently, Pornhub made headlines when it stepped into the cryptocurrency ecosystem, by accepting digital tokens as a viable payment method. In order to allow its users to pay with crypto for streaming content on Pornhub site, the website partnered with PumaPay.

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