A Bitcoin Price Boom To Rival Gold - Tesla billionaire Elon Musk
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A Bitcoin Price Boom To Rival Gold - Tesla billionaire Elon Musk
Elon Musk, the billionaire founder of Tesla, has issued numerous warnings in recent weeks that the United States is on the verge of "bankruptcy," including this week's shocking bitcoin endorsement, which shocked traders.
This year, fears over the spiraling $35.7 trillion debt pile have driven up the price of bitcoin, pushing gold to an all-time high. The Federal Reserve is in a "nightmare" situation.
Now, Musk, who is putting in a lot of effort to get "crypto president" Donald Trump back in the White House, has called the $1 trillion in annual interest payments made by the US government a "financial emergency" as another legendary investor buys bitcoin and gold out of fear of inflation.
During a Trump campaign rally, Musk stated, "Just the interest payments on the debt are 23% of all federal tax revenue." He later referred to the circumstance as a "financial emergency" on X. "The interest payments now exceed the Defense Department budget, which is $1 trillion a year." That is quite a sum of money."
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