Tesla and SpaceX CEO Elon Musk signaled agreement with Coinbase CEO Brian Armstrong's warning Wednesday that government overspending could lead to Bitcoin BTC/USD replacing the dollar as the reserve currency.
What happened: Armstrong was responding to a post by World of Statistics that highlighted the alarming rise of U.S. federal debt in the last few years. The debt has ballooned to $36.9 trillion in 2025.
"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," Armstrong said.
The cryptocurrency mogul said that while he loves Bitcoin, he also desired a “strong America” that is fiscally responsible.
Musk responded to Armstrong's arguments with a U.S. flag emoji, indicating an agreement.
See Also: Forget Dollars: Willy Woo Says Bitcoin Will Be Priced Against Global GDP — ‘Gold Used To Be That Money, BTC Is The Challenger’
Why It Matters: Musk has lashed out at the latest congressional spending bill, describing it as a “disgusting abomination.” The White House has dismissed the criticism, stating that the bill does not contribute to the deficit.
The House passed the $3.8 trillion tax-and-spending package, which President Donald Trump calls the "big, beautiful bill." While it promises an immediate economic boost through wide tax cuts and higher defense spending, market analysts warn of serious long-term fiscal ramifications.
Entrepreneur and investor Anthony Pompliano stated last month that concerns about debt and inflation could fuel Bitcoin’s growth.
Price Action: At the time of writing, BTC was exchanging hands at $105,125.46, down 0.47% in the last 24 hours, according to data from Benzinga Pro.
Photo Courtesy: Shutterstock/Joshua Sukoff
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