Odell defined bitcoin as “the strongest asset that has ever existed.”
“We are the only country in the world whose debt is denominated in our own shitcoin,” Odell said.
American bitcoiner and developer Matt Odell is convinced that his country’s government should print as many dollars as possible and then acquire bitcoin (BTC). This with the idea of having a solid tool to face your financial problems. Odell expressed his opinion in an episode of the What Bitcoin Did podcast.
“If you look at the current state of the US government and our debt, literally the only way we can get out of our problems is by printing money and buying bitcoin,” Odell commented.
Odell’s opinion can perfectly be linked to the recent record expansion of the global money supply. Analysts from The Kobeissi Letter highlight that massive money printing has become a recurring strategy, especially in key economies such as the United States, China and the eurozone. In recent months alone, the amount of money in circulation increased by USD 7.3 trillion, which has caused significant inflation in various parts of the world.
By increasing the amount of money in circulation without a proportional increase in the production of goods and services, a situation is generated in which there is a greater volume of money against the same quantity of products, which, inevitably, raises prices and reduces the purchasing power. This becomes a critical problem when considering the growing debt of governments, especially that of the United States, which already exceeds $35 trillion.
Precisely, Debt problems have also fueled the idea of a strategic bitcoin reserve. Analysts such as VanEck’s Matthew Sigel argue that acquiring large amounts of BTC could be an effective strategy to reduce dependence on traditional currencies and strengthen the country’s economic security. El Salvador was a pioneer in adopting this strategy, and several US states are currently evaluating it.
Odell continue: «We have a unique opportunity here. We are the only country in the world whose debt is denominated in our own ‘shitcoin’. “This gives us the ability to print currency and use it to buy the strongest asset that has ever existed.”
Matt claims that he used to joke about this idea of his country making massive purchases of BTC, but he never thought it was something possible. However, now you are beginning to notice the signs that this could happen. Despite this, he warns that implementing his recommendation implies a very delicate balance, since the local currency could suffer a free fall. This would put the economy in a risky situation.
However, the analyst has also had time to mention the project of Senator Cynthia Lummis.
Even without including the bitcoin component, we are already on the brink of a major financial crisis. Although we are starting to see things like the Lummis bill, the main point here is to print as much money as the market can tolerate and buy as much bitcoin as possible.
Matt Odell.
Odell’s statements are also echoed in the thinking of other experts in the financial field, such as Robert T. Kiyosaki, who, in a recent tweetdid not hesitate to describe those responsible for the monetary policies of the United States as “idiots.” The author of the bestseller “Rich Dad, Poor Dad” warned about the consequences of printing money without control, pointing out that this not only aggravates inflation, but also favors the rich.