Bitcoin is gaining serious attention as a possible alternative to the U.S. dollar, especially after recent warnings from Coinbase CEO Brian Armstrong and Elon Musk. Both are raising alarms about the U.S. government’s growing debt problem and what it could mean for the future of the dollar.
On June 3, Armstrong took to X (formerly Twitter) to share his concern about the national debt, which has ballooned past $36.9 trillion. He was responding to a chart shared by World of Statistics showing how fast U.S. debt has increased since 1966, with a sharp jump from $23.2 trillion in 2019 to an expected $36.9 trillion by 2025.
Armstrong pointed the finger at Congress, saying there’s a serious lack of accountability when it comes to managing the country’s finances. He warned that if the government doesn’t start reducing the deficit and paying off debt, bitcoin could eventually replace the U.S. dollar as the world’s reserve currency. While he said he supports bitcoin, he also emphasized that a financially stable America is critical for global stability.
Elon Musk backed Armstrong’s message by reposting it with an image of the American flag—an apparent sign of support. Musk didn’t stop there. He also responded to the debt stats by saying, “Congress is making America bankrupt,” slamming a recent spending bill as reckless and predicting it will push the deficit to $2.5 trillion, which he called unsustainable.
Although Musk doesn’t talk much publicly about bitcoin, his actions say otherwise. Tesla owns 11,509 BTC and SpaceX holds 8,285 BTC, according to Arkham Intelligence. Musk has also confirmed he personally owns bitcoin, ether, and dogecoin—though bitcoin makes up most of his crypto portfolio.
Together, Armstrong and Musk’s warnings reflect a growing concern in both tech and finance circles: if the U.S. doesn’t get its financial house in order, people may start looking to bitcoin as a more reliable alternative.
