This past week, the total market capitalization of Bitcoin exceeded the U.S. National Deficit for 2024. 

Albeit only for a brief time. Still, this is a significant moment in history. Financial history is unfolding right before our very eyes. The way that we have to think about money may soon change. With talk of a Strategic Bitcoin Reserve, will the Federal Reserve soon be replaced? That may be jumping the gun a bit. Perhaps we will get there one day, but for now let's just focus on the fact that, according to a Fast Company article (August 2024), the United States government is holding 203k Bitcoin (about $18 billion USD worth, as of 11/17/24). 

Bitcoin is transforming not only our country but the world and becoming the first developed nation to use Bitcoin as a savings technology secures our position as a global leader in financial innovation. This is our Louisiana Purchase moment that will help us reach the next financial frontier.

-- U.S. Senator Cynthia Lummis, 7/31/24

Does the fact that the total value of Bitcoin briefly exceeded the 2024 U.S. deficit really mean anything technically? Not really. At this point, the country's Bitcoin holdings aren't sufficient enough to make much of a dent in government overspending. But perhaps it can be strategically leveraged to help curb America's spending problem. 

If we are to believe that the United States is a financial innovator, then it seems the right time to adopt a new technology. For most of U.S. history, the dollar has been backed by gold or silver. The current "full faith and credit" may not jive with the rest of the world for much longer. Perhaps it is time for a new standard. Perhaps the time of the Bitcoin standard is upon us. 

Should governments continue to get involved with Bitcoin? While Bitcoin adaptation has not happened as envisioned in El Salvador, their government BTC holdings have proven to be an excellent store of value.

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