Biden’s Student Debt Plan and Bitcoin – Bitcoin Magazine
This is an opinion piece by Robert Hall, a content creator and small business owner.
President Biden on Wednesday announced a student loan relief package designed to lower the debt of millions of Americans across the country. Current and former students with student loans are poised to have $10,000-$20,000 in debt erased, depending on the loan type.
It is estimated that 43 million Americans will receive some benefit from this new plan. This can be a good thing because people struggling to pay off their student loans were probably never going to pay them back in the first place. Is this a good policy? It depends on who you ask. If you ask a Democrat, they might say that Biden’s plan doesn’t do enough to help low- and middle-income Americans.
If you ask a Republican, they will probably say that this policy is not fair to those who have worked hard to pay off their debt. Both sides have a point, and no one would be happy with what he announced. What might the typical Bitcoin Maximalist think of this policy?
I don’t speak for every Bitcoiner out there, I can only speak for myself, but fundamentally it doesn’t matter what the federal government does because it is functionally bankrupt. They know it, we know it, but the rest of society either doesn’t know it or doesn’t want to accept the reality we’re in, so they play along with the charade.
At a basic level, Biden’s student debt plan is a vote-buying program on a national scale. The Democrats know with inflation at 40-year highs and sky-high gas prices, this will not end well for them in November. Wiping away debt for millions of Americans will be another incentive for people to vote for Democrats in November. The chances of a red wave happening are becoming less likely.
A quote by Alexander Fraser Tytler Lord Woodhouselee stood out to me and I think it applies to the current situation. He says, “Democracy cannot exist as a permanent form of government. It can only exist until the voters discover that they can vote themselves money from the treasury. From that moment the majority always votes for the candidates who promise the most benefits from the treasury. , with the result that a democracy always collapse over loose fiscal policy followed by dictatorship. The average age of the world’s greatest civilizations has been 200 years.”
Considering what has happened in the last two years with censorship, forced vaccination and outright propaganda from the heritage media, this quote is eerily accurate.
The odds of America surviving in its current form under these conditions will require a lot of hopium and prayer, I guess.
Will student debt relief help Bitcoin in any way?
Will eliminating student debt help bitcoin at all? The honest answer is maybe, depending on the age profile of the average student loan holder and bitcoin buyer.
According to an estimate from the White House, 21 percent of the student debt relief will go to people under the age of 25, and 44 percent of the relief will go to those aged 26-39.
The demographics are adjusted when you cross-reference this data with the average “crypto” buyer. A report created by STILT found that 94 percent of all cryptocurrency buyers are Generation Z and millennials between 18-40. Millennials make up 76 percent of the total percentage.
The average student loan debt for millennials was $43,210. The demographics match up perfectly, so if this debt relief plan goes into effect, there is a potential for $10,000 that would have been sent to the federal government to repay student loans that could conceivably be used to buy Bitcoin.
Will this phenomenon materialize in the future? One would hope, but I wouldn’t bet on that because the study involved cryptocurrency in general, and if you’re still dealing with shitcoins, you’re not ready for bitcoin, period. If this debt relief plan ends up helping some Bitcoiners free up some capital to invest in more corn, that’s fine by me. LFG. The system is collapsing in real time and people who understand Bitcoin should reap the benefits of early adoption.
In the end, Bitcoin wins, so the federal government can write off all the debt it wants; it’s still game over for them. Stack up, stay humble and take care of yourself and your family.
This is a guest post by Robert Hall. Opinions expressed are entirely their own and do not necessarily reflect the opinions of BTC Inc. or Bitcoin Magazine.
