Tesla billionaire Elon Musk, after surprising the market with a crypto approval earlier this monthcontinued its campaign to curb the a $35 trillion US spending problem.
Musk, now a close advisor to US President-elect Donald Trump, called for the appointment of some of the most bullish bitcoin and crypto investors to Trump’s cabinet.
Now, after a series of warnings: the United States could be on the verge of bankruptcyMusk predicted it could happen “super fast” – joking he would “fix” the problem with a “department named after a coin.”
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Tesla billionaire Elon Musk has repeatedly warned that the United States could slide into “bankruptcy.” … (+)
‘America is heading very quickly towards bankruptcy right now,’ says Musk job to X, the social media platform he purchased and renamed Twitter.
Musk was responding to a message from the Doge Department of Government Efficiency and we need to balance the budget,” the Doge account posted.
The US national debt has soared in recent years, crossing the $34 trillion mark in early 2024, largely due to Covid and stimulus measures that have sent inflation out of control and forced the Federal Reserve to raise interest rates at a historic pace.
Musk later replied “literally,” alongside a laughing emoji in a tongue-in-cheek X post that depicted Musk telling Trump, “We’re going to fix America with a department named after a coin.”
Musk’s campaign against US overspending resulted in the creation of the Doge Department Of Government Efficiency, which Musk said he believes U.S. spending could be cut by $2 trillion..
The Doge department is a nod to the shiba inu doge meme which is also linked to the cryptocurrency dogecoin, referred to by Elon Musk as his “favorite” cryptocurrency and accepted as payment by his car manufacturer Tesla.
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Dogecoin price soared after Donald Trump’s election, with Tesla CEO … (+)
Doge’s teaming up with rival dogecoin bitcoin has caused the price of dogecoin to more than triple over the past month, with billionaire Mark Cuban joking Musk could put dogecoin in the US Treasury.
Tesla continues to hold around 10,000 bitcoins – sometimes called digital gold – worth almost $800 million on its balance sheet.
Earlier this year, Trump floated the idea that he could use Bitcoin to “pay back our $35 trillion.”– give them a little crypto check, right? We’ll give them some Bitcoin and wipe out our $35 trillion,” he said.
In July, Trump promised to create a “strategic national bitcoin reserve” and predicted that bitcoin could eclipse gold’s $16 trillion market cap in appearance at Bitcoin 2024 conference.