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Tesla billionaire Elon Musk has issued a stark warning, calling the U.S. debt crisis a “financial emergency” amid soaring interest payments and inflation fears. His statement comes as Bitcoin edges closer to its all-time high, fueled by economic uncertainty and investor interest in alternative assets.
Elon Musk Issues Stark Warning, Predicts U.S. ‘Bankruptcy’ Amid Mounting Debt Crisis
Tesla billionaire Elon Musk, who recently surprised traders with a surprise Bitcoin endorsement, recently issued numerous warnings that the United States is on the verge of "bankruptcy."
In a report by Forbes, the price of bitcoin has increased significantly this year as the Federal Reserve is trapped in a "nightmare" scenario due to concerns regarding the spiraling $35.7 trillion debt accumulation, pushing the price of gold to an all-time high.
Musk, working tirelessly to re-elect "crypto president" Donald Trump to the White House, has referred to the U.S. government's $1 trillion annual interest payments as a "financial emergency." This statement comes as inflation fears have prompted another legendary investor to purchase Bitcoin and gold.
"Just the interest payments on the debt are 23% of all federal tax revenue," Musk said during a Trump campaign rally, later calling the situation a "financial emergency" on X. "The interest payments now exceed the Defense Department budget, which is $1 trillion a year. That's a lot of money."
Bitcoin Nears Record High as Investors Hedge Against Rising U.S. Debt and Inflation
The Bitcoin price has rebounded to just below its all-time high of $70,000 per bitcoin this year, and it has risen in tandem with the gold price. Investors are betting that a significant increase in deficits and higher interest rates will create a feedback cycle that will compel governments to print additional money.
Last week, Tesla abruptly transferred its Bitcoin to new wallets, prompting concerns that it may be about to liquidate its nearly $800 million holdings of approximately 10,000 Bitcoin, occasionally called "digital gold."
In recent years, the U.S. national debt has increased significantly, surpassing the $34 trillion mark at the beginning of 2024. This expansion was primarily the result of COVID-19 and lockdown stimulus measures, which caused inflation to escalate out of control and compelled the Federal Reserve to raise interest rates at a historically high rate.
