🚨 Elon Musk Backs Coinbase CEO: Bitcoin Could Replace the U.S. Dollar Amid Surging National Debt

Bitcoin is gaining renewed momentum as both Elon Musk and Coinbase CEO Brian Armstrong raise red flags over America’s escalating fiscal crisis—warning that if Washington doesn’t reverse course, Bitcoin could emerge as the next global reserve currency.

On June 3, Armstrong took to X (formerly Twitter) to sound the alarm, reacting to a viral post from World of Statistics highlighting the relentless growth of U.S. federal debt—from $23.2 trillion in 2019 to a projected $36.9 trillion by 2025.

“If voters don’t hold Congress accountable for reducing the deficit and paying down the debt, Bitcoin is going to take over as the reserve currency,” Armstrong warned.

“I love Bitcoin—but a strong America is also important for the world. We need to get our finances under control.”

His remarks struck a chord with Elon Musk, who reposted the statement with an American flag emoji—signaling clear support. Musk didn’t stop there. Responding to the debt chart, he bluntly stated:

“Congress is making America bankrupt.”

He slammed the government’s latest omnibus spending bill—nicknamed “One Big Beautiful Bill”—as fiscally reckless, predicting it would push the federal deficit to $2.5 trillion.

While Musk often plays coy about Bitcoin, his financial footprint says otherwise. According to Arkham Intelligence:

• Tesla holds 11,509 BTC

• SpaceX owns 8,285 BTC

• Musk personally holds BTC, ETH, and DOGE, with Bitcoin being the largest share

These holdings reveal a significant bet on crypto—not just as an investment, but potentially as a long-term hedge against a declining U.S. financial position.

As pressure mounts on the U.S. economy and public trust in fiat weakens, this endorsement from two of tech’s most influential voices is stoking serious conversation:

Could Bitcoin really replace the dollar as the world’s financial backbone?