Rising US Debt Fuels Interest in Bitcoin as Store of Value

Rising US debt is pushing some investors toward alternative stores of value like Bitcoin and gold, according to BlackRock's digital assets head Robbie Mitchnick.

Federal debt reached roughly $40.05 trillion on August 18, a figure that Mitchnick believes will impact Bitcoin's long-term valuation more than the pending Clarity Act.

The Clarity Act is expected to have its greatest impact elsewhere in crypto, particularly in DeFi, but not on Bitcoin itself, according to Mitchnick.