$BTC

Bitcoin ‘going to take over’—Elon Musk backs shock $40 trillion U.S. dollar collapse warning amid price boom

The bitcoin price set a new all-time high of $112,000 per bitcoin last month, surging 50% from its April low and helped by U.S. vice president JD Vance issuing a huge crypto prediction.

Tesla chief executive Elon Musk has reposted a wild bitcoin prediction following the huge bitcoin price rally. (Getty Images)

Now, as the Covid-erameme stock craze turns to bitcoin, Tesla billionaire Elon Musk has restarted his campaign against out-of-control U.S. government spending, backing a warning that bitcoin could “take over” from the U.S. dollar as the world’s reserve currency.

“If the electorate doesn’t hold Congress accountable to reducing the deficit, and start paying down the debt, bitcoin is going to take over as reserve currency,” Brian Armstrong, the chief executive of crypto exchange Coinbase, posted to X in comments reposted by Musk.