Wealth Inequality in the U.S. Surpasses the Gilded Age

Renowned economists Gabriel Zucman and Paul Krugman have expressed concern about the rising wealth inequality in the United States. In a recent discussion, they highlighted the alarming trend of wealth concentration at the top, surpassing even the Gilded Age, a period characterized by extreme poverty and corrupt politicians.

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According to Zucman, the richest 0.00001% in the U.S., approximately 19 households today and four households in 1913, own wealth equivalent to 4% of U.S. national income in 1910. However, this figure has risen to 12% today. This new Gilded Age is marked by an even stronger concentration of wealth at the top than in the original Gilded Age.

Mauricio Di Bartolomeo’s Take on Cryptocurrency Investment

Mauricio Di Bartolomeo, the cofounder and chief sales officer at Ledn, a lending company built for Bitcoin and digital assets, recently shared his thoughts on cryptocurrency investment. He emphasized that the value of the U.S. dollar is getting diluted due to the government’s excessive money printing. As a result, savings lose ground year after year.

Bartolomeo advised regular Americans to follow the same path as the wealthy by owning scarce, hard, and politically neutral assets. He cited examples of assets that have preserved wealth during economic crises, such as U.S. dollars, gold, and Bitcoin. However, he also warned that Bitcoin is volatile and cautioned against holding more than one can afford to lose in a 50% drawdown.

Economist Justin Wolfers’ Contrasting View

Economist Justin Wolfers, a professor at the Ford School of Public Policy at the University of Michigan, expressed a differing opinion on cryptocurrency investment. He stated that crypto does not belong in the portfolio of regular Americans due to the associated risks. Instead, he recommended a combination of stocks and bonds as a more suitable investment option for most individuals.

It’s essential to note that investing in cryptocurrencies, including Bitcoin, is highly volatile and should be approached with caution. As with any investment, it’s crucial to conduct thorough research and consider individual financial goals and risk tolerance before making any decisions.

Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always conduct your own research before making any investment decisions.