US debt rises a trillion every 100 days

US debt has been growing at a faster pace in recent months, rising about US$1 trillion (HK$7.8 trillion) nearly every 100 days, which may be one of the reasons that prices of crypto and gold have skyrocketed.

Thanks to the pandemic and other world events, the US government is biting off more than it can chew.

CNBC reported that the country's debt permanently crossed over to US$34 trillion on January 4, after briefly crossing the mark on December 29. It reached US$33 trillion on September 15, 2023, and US$32 trillion on June 15, 2023, hitting an accelerating pace like never before. Previously, the US$1 trillion move from US$31 trillion took about eight months.

An investment strategist at Bank of America, Michael Hartnett, believes the 100-day pattern will continue, expecting the US debt to exceed US$35 trillion by April.

"Little wonder 'debt debasement' trades [are] closing in on all-time highs - gold at US$2,077/oz, and bitcoin at US$67,734," he noted.