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Elon Musk’s fiery reaction to a controversial Republican-backed spending bill has reignited speculation that Tesla may increase its Bitcoin holdings. His comment comes shortly after Trump gave Musk a public Oval Office send-off, ending his role as head of the Department of Government Efficiency (DOGE).
The bill, which proposes massive tax cuts for corporations and the wealthy, is expected to add $3.8 trillion to the U.S. national debt over the next decade. XRP advocate John Deaton believes this economic direction could encourage Musk and Tesla to adopt Bitcoin further. Elon and Tesla already hold 11,000 BTC; based on Deaton’s prediction, they could add more BTC as a hedge against government spending.
Wouldn’t be surprised to see Elon and Tesla buy more Bitcoin. The Big Beautiful Bill is a walking billboard and advertisement for buying Bitcoin. https://t.co/29mGiAptR4
— John E Deaton (@JohnEDeaton1) June 3, 2025
A Billboard for Bitcoin?
Deaton, who has previously taken on crypto-skeptic lawmakers like Senator Elizabeth Warren, didn’t mince words. He called the bill a “walking advertisement for Bitcoin,” implying that continued inflation and reckless fiscal policies could make decentralized assets more attractive to institutions like Tesla.
Musk himself didn’t hold back, labeling the bill a “disgusting abomination.” Senator Rand Paul also agreed with Elon Musk, highlighting concerns about an additional $5 trillion in debt and wasteful government spending. Though the bill still faces significant hurdles in the Senate, its potential to worsen inflation has raised alarm bells even among traditional economists. Notably, gold advocate Peter Schiff warned the bill would drive inflation higher by deepening deficits and weakening the dollar.
Thank you Elon. You are absolutely right. I really appreciate your calling attention to this fraud. Hopefully you can influence the President to veto the bill if it passes the Senate in its current form, or anything close to it.
— Peter Schiff (@PeterSchiff) June 3, 2025
Adding to that, Representative Marjorie Taylor Greene raised an issue about a provision, apparently on pages 278-279 of the bill, that would prevent states from regulating Artificial Intelligence (AI) for 10 years. She’s concerned this infringes on states’ rights and gives too much control over AI to the federal government, especially when the full capabilities of AI aren’t yet understood.
Tesla’s Bitcoin History
Tesla first made headlines with a $1.5 billion Bitcoin investment in 2021. While the company has sold portions of that stash, it still holds approximately $1.2 billion in BTC, according to Arkham Intelligence. Musk hasn’t hinted directly at new purchases, but with inflation concerns mounting and fiat skepticism growing, analysts say the door is open for Tesla to reload.
