Bitcoin has surged over the last year, propelled higher by Wall Street’s embrace of crypto and U.S. president Donald Trump’s support (despite Google revealing a serious BlackRock bitcoin nightmare just got a lot worse).
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The bitcoin price set a new all-time high of $112,000 per bitcoin last month, surging 50% from its April low and helped by U.S. vice president JD Vance issuing a huge crypto prediction.
Now, as the Covid-era meme stock craze turns to bitcoin, Tesla billionaire Elon Musk has restarted his campaign against out-of-control U.S. government spending, backing a warning that bitcoin could “take over” from the U.S. dollar as the world’s reserve currency.
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Tesla chief executive Elon Musk has reposted a wild bitcoin prediction following the huge bitcoin … More
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“If the electorate doesn’t hold congress accountable to reducing the deficit, and start paying down the debt, bitcoin is going to take over as reserve currency,” Brian Armstrong, the chief executive of crypto exchange Coinbase, posted to X in comments reposted by Musk.
“I love bitcoin, but a strong America is also super important for the world. We need to get our finances under control.”
Musk, who last year embarked on a campaign against spiraling U.S. debt while supporting U.S. president Donald Trump’s second bid for the White House, has come out against Trump’s signature tax bill just days after leaving his role in Trump’s administration.
The nonpartisan Congressional Budget Office estimates Trump’s so-called “big, beautiful bill” will add $3.8 trillion to the U.S.’s $36 trillion in debt over the next decade, taking it to an eye-watering $40 trillion.
“I’m sorry, but I just can’t stand it anymore,” Musk, who set up and led the Doge department of government efficiency, posted to X. “This massive, outrageous, pork-filled Congressional spending bill is a disgusting abomination.”
Musk wrote that those who voted for it “know you did wrong,” and added in a follow up post that it “will massively increase the already gigantic budget deficit to $2.5 trillion and burden America citizens with crushingly unsustainable debt.”
Huge government spending through Covid lockdowns turbo-charged U.S. debt, leading to warnings the Federal Reserve will have to step in to prop up bond markets, devaluing the dollar and potentially spiking inflation.
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The bitcoin price rocketed to a fresh all-time high in May, soaring as fears swirl over the health … More
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Bitcoin, a scarce digital asset that’s often compared to gold, has seen its price rocket higher as countries around the world, and led by the U.S., fuel their economic growth with debt.
Companies are beginning to shift their corporate treasuries to bitcoin, a trend started by ailing software company MicroStrategy in 2020 that’s propelled it into the Nasdaq 100 and been copied by dozens of companies.
“As the U.S. dollar continues to devalue, we’re going to see this shift happening more and more as investors scramble to protect their assets,” Nic Puckrin, bitcoin and crypto analyst, investor and founder of The Coin Bureau, said in emailed comments.
“With bitcoin holding steady above $100,000 for 20 days and counting, it’s fast becoming the new safe haven.”
