Elon Musk Backs Warning: Bitcoin Could Replace U.S. Dollar
Bitcoin is gaining more attention as a possible global currency. This comes after Coinbase CEO Brian Armstrong and Elon Musk raised concerns about the growing U.S. debt.
On June 3, Armstrong warned on social media that the U.S. national debt—now over $36.9 trillion—is rising too fast. He shared a chart showing how the debt has grown quickly since 1966, and especially in recent years. He said if the government doesn’t reduce its spending, people might lose trust in the U.S. dollar—and Bitcoin could take its place as the main global currency.
Armstrong said:
> “If voters don’t pressure Congress to fix the debt, Bitcoin could become the world’s reserve currency.”
He added that he supports Bitcoin but also wants the U.S. to stay strong financially.
Elon Musk supported Armstrong’s warning by reposting it along with an American flag emoji. Musk also criticized Congress, saying its massive spending could bankrupt the country. He pointed out that a recent $2.5 trillion spending bill is adding even more debt.
Even though Musk doesn’t talk much about Bitcoin, his companies own a lot of it. Tesla holds over 11,000 BTC, and SpaceX has more than 8,000 BTC. Musk also personally owns Bitcoin, Ethereum, and Dogecoin—with Bitcoin being the largest.
Their message is clear: if the U.S. keeps overspending, Bitcoin could take over as the world’s main currency.
