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The U.S. national debt is rising by $1 trillion every 100 days," Michael Hartnett, chief strategist of Bank of America, wrote in a note to clients seen by CNBC, adding it's "little wonder 'debt debasement' trades closing in on all-time highs, i.e. gold [at] $2077/oz [and] bitcoin [at] $67,734."

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Inflows into the new spot bitcoin ETFs have suddenly accelerated over the last two weeks, fueling wild predictions that bitcoin could "steal gold's crown" as the world's "prime store-of-value."

U.S. national debt has skyrocketed in recent years, crossing the $34 trillion mark at the beginning of 2024, as Covid and lockdown stimulus measurestriggering wild predictions last year the bitcoin price could boom to $1 million per bitcoin.

03/04 update: Wharton Business School finance professor Joao Gomes has warned spiraling U.S. debt could plunge the U.S. into a financial crisis as soon as next year.

"It could derail the next administration, frankly," Gomes told Fortune. "If they come up with plans for large tax cuts or another big fiscal stimulus, the markets could rebel, interest rates could just spike right there and we would have a crisis in 2025. It could very well happen. I'm very confident by the end of the decade one way or another, we will be there."

Last month, The Black Swan author Nassim Taleb said he believes the U.S. economy is in a "death spiral ... as long as you have Congress keep extending the debt limit and doing deals because they're afraid of the consequences of doing the right thing, that's the political structure of the political system, eventually you're going to have a debt spiral," Taleb said at an event, it was reported by Bloomberg. "And a debt spiral is like a death spiral."

"This doesn't end well," Genevieve Roch-Decter, a former asset manager who writes the Grit Capital newsletter, posted to X.

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