America’s Middle Class Is Getting Crushed: Where Does Bitcoin Fit?

The Kobeissi Letter painted a bleak picture of wealth distribution in the US, arguging that the country is increasingly becoming an economy divided between asset owners and everyone else. Own assets or be left behind — this is what the analysts at the Kobeissi Letter argued, highlighting the major discrepancy between those who do and those who stay on the sidelines. Bitcoin fits surprisingly well into this distorted economy, but treating it as a cure for the destruction of the middle class would be a bit of an overstatement. Own Assets or Get Left Behind There are roughly 134.8 million households in the States, according to the analysts. However, around 1.4 million of them, also known as the wealthiest 1%, control more than $60 trillion in net worth. Since 2020 alone, their wealth has grown by more than $30 trillion. The bottom 50%, or 67.4 million households, collectively hold a fraction of that amount. The reason isn’t simply that rich households earn larger salaries; the bigger divide is asset ownership, the Kobeissi Letter said. Total US household wealth has exploded from roughly $101 trillion six years ago to $185 trillion today, but that massive increase has been distributed ...