News
US Dollar ‘Destruction’: Tesla Billionaire Elon Musk Issues $35 Trillion ‘Bankruptcy’ Warning as Traders Bet on Donald Trump’s Bitcoin Price Boom
Bitcoin has lost some of its momentum this week after a surge on news that former President Donald Trump may be about to drop a bitcoin bomb.
Bitcoin price has dropped again, moving away from the closely watched level of $70,000 per bitcoin despite billionaire investor Mark Cuban making a “crazy” bitcoin price prediction.
Now, after Treasury Secretary Janet Yellen admitted her fears about the future of the US dollarTesla billionaire Elon Musk has warned that the US dollar is heading for “destruction” and that the US’s $35 trillion debt spiral could “bankrupt” the United States, something Some analysts think it could push the price of bitcoin higher.
Register now for free CryptoCodex—A five-minute daily newsletter for traders, investors and cryptocurrency curious that will keep you updated and abreast of the bull run in the bitcoin and cryptocurrency market
Tesla billionaire Elon Musk has warned that the US dollar is at risk of “destruction” as the 35… [+] A trillion-dollar debt could push the country into “bankruptcy,” which some say will send the price of bitcoin skyrocketing.
Getty Images
“Where are we at with destroying the value of the dollar, you might ask,” Musk published an X next to an image suggesting that the United States is on the brink of hyperinflation. “America is going bankrupt [by the way]”Moss addedresponding to the co-founder of Bitcoin rival meme Dogecoin, who highlighted the skyrocketing interest costs on U.S. debt.
According to a recent estimate, interest payments on U.S. debt are expected to reach $870 billion this year. analyses from the Congressional Budget Office, after runaway inflation prompted the Federal Reserve to raise interest rates at an unprecedented pace, following the massive spending and money printing of the Covid era.
Earlier this year, Bank of America analysts warned that the U.S. debt load is on track to add $1 trillion every 100 days—fueling a surge in the price of bitcoin.
“The U.S. national debt is increasing by $1 trillion every 100 days,” Michael Hartnett, chief strategist at Bank of America, wrote in a note to clients. view from CNBC, adding that “it’s no wonder ‘debt depreciation’ is being traded” [such as gold and bitcoin are] approaching all-time highs.”
Sign up to CryptoCodex now—A free daily newsletter for cryptocurrency lovers
The price of bitcoin has skyrocketed over the past year, partly due to the downward spiral of the U.S. dollar. [+] a dollar-denominated debt that threatens to drive the United States into “bankruptcy,” according to Tesla billionaire Elon Musk.
Forbes Digital Assets
Hartnett predicted that the new spot bitcoin exchange-traded funds (ETFs) that have taken Wall Street by storm in recent months are on track for an “explosive year,” in part because of the collapse of the U.S. dollar.
This week, Musk, who has backed Trump following the failed assassination attempt on the former president, fueled wild speculation that Trump May Be About to Make a Game-Changing Announcement About Bitcoin.
“Bitcoin is now a proxy for a Trump victory,” said Sean McNulty, director of trading at Arbelos Markets, said Bloomberg, citing traders’ expectations that Trump would usher in a much more benign regulatory and policy environment than the Biden administration.