Elon Musk Supports Warning from Coinbase: Bitcoin Might Replace the U.S. Dollar Because of Government Debt
Bitcoin is getting more attention as a possible future currency, especially after warnings from Coinbase’s CEO and Elon Musk about the growing U.S. debt.
What Happened?
On June 3, Brian Armstrong, the CEO of Coinbase, posted on social media platform X (formerly Twitter) about how the U.S. government’s debt is growing fast. The national debt has now crossed $36.9 trillion, and it's rising quickly—up from $23.2 trillion in 2019. A chart shared online shows how government borrowing has increased over the years.
Armstrong warned that if the U.S. government and Congress don’t take steps to control spending and reduce the debt, the U.S. dollar could lose its top position in the world economy. He said:
“If voters don’t push Congress to reduce the debt, bitcoin might become the main global currency instead of the dollar.”
He added that while he supports bitcoin, it’s also important for the U.S. to stay strong for the sake of the world economy.
Elon Musk Agrees
Elon Musk, the head of Tesla and SpaceX, reposted Armstrong’s warning and added an American flag emoji, showing his support. In another post, Musk said:
“Congress is making America bankrupt.”
He criticized a large government spending bill, saying it’s wasteful and would raise the yearly deficit to $2.5 trillion, adding even more debt.
Musk and Bitcoin
Although Musk doesn’t talk much about bitcoin in public, his actions show strong interest in it. Data shows Tesla owns over 11,500 bitcoins, and SpaceX owns over 8,200. Musk also personally owns bitcoin, ether, and dogecoin, with bitcoin being his biggest holding.
