Coinbase CEO Brian Armstrong has issued a stark warning, suggesting that Bitcoin could emerge as the world’s next reserve currency if the U.S. Congress fails to swiftly address the nation’s escalating $37 trillion debt.
“I love Bitcoin, but a strong America is also super important for the world,” Armstrong tweeted on Tuesday, underscoring the urgency for the U.S. to “get our finances under control.”
Armstrong’s concerns follow the recent passage of a Trump-backed bill by House Republicans in May. This legislation, described by proponents as a “big, beautiful bill,” is set to extend tax cuts, increase military spending, and implement cuts to Medicaid, food aid, and clean energy programs.
“When it comes to stockpiling Bitcoin, U.S. states aren’t just racing against each other,” New Hampshire Rep. Keith Ammon told Decrypt last month. “They’re competing against a federal government that will be forced to print money to deal with its debt.” Ammon elaborated that the federal government’s current fiscal approach jeopardizes the long-term value of the dollar, suggesting Bitcoin could offer a safeguard for state finances against further erosion, Decrypt said in a report.
The controversial bill has drawn sharp criticism from economic experts. Six Nobel Prize-winning economists, including Paul Krugman and Joseph Stiglitz, stated in a June letter that the bill’s structural design is projected to increase inequality and contribute over $3 trillion to the public debt, a figure that could climb even higher if its provisions become permanent. Tesla CEO Elon Musk also publicly condemned the measure on Tuesday, labeling it a “massive, outrageous, pork-filled Congressional spending bill” and a “disgusting abomination.”
The Senate’s upcoming deliberations on the bill carry implications that extend beyond just fiscal policy. Critics are arguing that the legislation could inadvertently accelerate global efforts to de-dollarize the world economy.
