Elon Musk Backs Coinbase Warning: Bitcoin Could Replace the US Dollar

Elon Musk has expressed support for Coinbase CEO Brian Armstrong, who warned that Bitcoin could replace the US dollar if America fails to control its ballooning national debt, now over $36.9 trillion.

Armstrong said that if Congress doesn't act, Bitcoin will become the global reserve currency. Musk reposted the comment with an image of the American flag, signaling his agreement. He also criticized the latest spending bill, saying “Congress is making America bankrupt.”

Tesla currently holds 11,509 BTC, SpaceX owns 8,285 BTC, and Musk personally holds Bitcoin, Ethereum, and Dogecoin—with Bitcoin making up the majority.