Tue 10 Nov 2024 ▪ 4 min lecture ▪ by Mikaia A.
The financial situation of the United States has become a central concern for Elon Musk, who appears to be personally invested in what he sees as a risk of imminent bankruptcy. The latter warns of a national debt which continues to increase, sounding the alarm about excessive public spending. While some are even considering Bitcoin as a potential escape from this crisis, Musk invites Americans to face the reality of this colossal debt.
American economy under pressure: Musk and the debt of all dangers
The United States’ public debt is reaching dizzying heights, surpassing 34 trillion dollarsa figure that makes more than one analyst shudder. Elon Musk, tech mogul and CEO of Tesla, is particularly concerned about this explosion in debt, which he describes as “ time bomb ».
Excess government spending is driving America into bankruptcy
— Elon Musk (@elonmusk) November 9, 2024
According to him, “ Excessive government spending is driving the United States into bankruptcy ».
Pour Musk, the accumulation of this debt is not only unsustainable but also a heavy burden for future generations.
In response to criticism, Senator Rand Paul also made his voice heard by asserting that the $2 trillion annual deficit is unsustainable. With the 2024 elections approaching, financial issues are at the heart of the debates, and influential figures like Musk and Trump do not hesitate to discuss alternative, even radical, solutions to remedy the crisis :
- $35 trillion in national debt;
- $2,000 billion annual deficit;
- Galloping inflation that is shaking the American economy.
Can the United States really consider repaying this astronomical debtor is this a dead end that even the tech giants will not be able to overcome?
Bitcoin, crypto and Trump: solutions or new problems?
Faced with this dark financial picturesome are considering the introduction of Bitcoin like strategic reserve currency unavoidable to alleviate the burden of the national debt. Trump notably suggested this idea by joking that he could settle the country’s debts with a ” small reserve of Bitcoin ».
In a world where confidence in the dollar is weakeningBitcoin, with its rising price, is seen by some as a safe haven.
However, this hypothesis does not convince everyone. For Musk, Bitcoin and crypto in general certainly offer an alternative to the classic monetary system, but they do not represent a miracle solution to the disorderly public management.
However, Trump’s simple suggestion of using cryptos as financial tools to “erase” debt made a big splash, reinforcing the idea that the future of the American economy could well be played out in the sphere of digital assets.
So the fear of an imminent American collapse is not limited to Musk’s predictions. Several major figures from the financial world agree with this warning, emphasizing the urgency of acting to avoid catastrophe.
Micaiah A.
The blockchain and crypto revolution is underway! And the day when the impacts will be felt on the most vulnerable economy in this world, against all hope, I will say that I had something to do with it
