No: the $1.9 trillion in the July 7, 2024 headline was not Bitcoin money lost in a crash. It referred to the Congressional Budget Office’s projected U.S. federal budget deficit for fiscal year 2024. The headline also described Bitcoin market conditions from 2024, not a current market update.
Is the $1.9 trillion a Bitcoin loss?
No. It was a federal budget deficit projection—not a Bitcoin price target, a decline in Bitcoin’s market value, or money investors lost. In its June 18, 2024 update, the Congressional Budget Office (CBO) projected a $1.9 trillion U.S. federal deficit for fiscal year 2024. CBO’s budget outlook identifies the figure as a projection.
What did the CBO’s $1.9 trillion figure mean?
The CBO’s June 2024 estimate was $408 billion, or 27 percent, higher than its February 2024 baseline projection for the fiscal year 2024 deficit. The 27 percent comparison is against that February baseline—not a measure of Bitcoin’s performance or a change in the value of Bitcoin.
The headline’s phrase “next year” can mislead: the cited CBO update projected a deficit for fiscal year 2024. Its estimate should be read with both that fiscal-year label and its June 2024 publication date, rather than treated as a current forecast.
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What was the Bitcoin crash claim about?
Forbes published the headline on July 7, 2024. Its article described Bitcoin as falling to lows not seen since February and discussed the possibility that Mt. Gox distributions could add selling pressure. Those were descriptions and concerns in the article’s 2024 market context; they do not establish current Bitcoin prices or effects from Mt. Gox distributions. Read the Forbes article.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Did the deficit cause Bitcoin’s price move?
The cited CBO projection establishes the federal deficit estimate, while the Forbes article discusses Bitcoin-market concerns. Neither establishes that the deficit caused Bitcoin’s price movement or demonstrates a present relationship between federal deficits and Bitcoin prices. The headline joins two subjects; it does not make the $1.9 trillion a Bitcoin-market loss.
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