‘A Big Problem’—Shock Fed Warning Sparks Fears A $34 Trillion Meltdown

Bitcoin and major cryptocurrencies ethereum and XRP have rocketed higher as Federal Reserve chair Jerome Powell primes the crypto market for a $3.3 trillion price boom.

The bitcoin price has surged from lows of around $15,000 per bitcoin, coming within touching distance of $50,000 last month (though billionaire investor Mark Cuban has revealed he's betting on two tiny crypto rivals to bitcoin).

Now, after Fed chair Powell issued a shock warning the U.S. is "on an unsustainable fiscal path," legendary investor Jim Rogers has warned the massive $34 trillion U.S. debt pile means the looming recession will be "the worst in [his] lifetime"—even as experts predict a bitcoin price boom.

"In 2008, we had a big problem, but the debt everywhere has skyrocketed since then. So the next recession has to be the worst in my lifetime because the debt is so much higher now than it has ever been before in my lifetime. Even China has a lot of debt now," Rogers, who cofounded the Quantum Fund and Soros Fund Management with George Soros, told Kitco.