Bitcoin
US Dollar ‘Destruction’ — Tesla Billionaire Elon Musk Issues $35 Trillion ‘Bankruptcy’ Warning As Traders Bet On Donald Trump Bitcoin Price Boom
Bitcoin lost some of its momentum this week after surging higher on news that former President Donald Trump may be about to drop a bombshell on bitcoin.
Bitcoin price has fallen again, pulling away from the closely watched $70,000 per bitcoin level despite billionaire investor Mark Cuban issuing a “crazy” bitcoin price prediction.
Now, after Treasury Secretary Janet Yellen admitted her fears about the future of the US dollarTesla billionaire Elon Musk has warned that the US dollar is headed for “destruction” and that a ballooning $35 trillion debt could lead to the US becoming “bankrupt” – something some analysts think this could drive up the price of bitcoin.
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Tesla billionaire Elon Musk has warned that the US dollar is at risk of “destruction” as the $35 billion rally… [+] A trillion-dollar debt could bankrupt the country — which some believe will boost the price of bitcoin.
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“Where are we with the destruction of the value of the dollar, you may ask,” Musk posted to X next to an image suggesting the US is on the brink of hyperinflation. “America is going bankrupt [by the way]”Musk addedresponding to the co-founder of meme-based bitcoin rival dogecoin, who highlighted the rising cost of interest payments on US debt.
Interest payments on US debt are expected to reach $870 billion this year, according to a recent report analysis by the Congressional Budget Office after rising inflation prompted the Federal Reserve to raise interest rates at an unprecedented pace following massive Covid-era spending and money printing.
Earlier this year, analysts at Bank of America warned that U.S. debt is poised to increase by $1 trillion every 100 days.fueling a rise in the price of bitcoin.
“The U.S. national debt is increasing by $1 trillion every 100 days,” Michael Hartnett, chief strategist at Bank of America, wrote in a note to clients. visa by CNBC, adding that it is no wonder that the ‘debt write-down’ talks [such as gold and bitcoin are] approaching historic highs.”
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Bitcoin’s price has soared over the past year, driven in part by the upward spiral of the U.S…. [+] dollar debt that risks “bankrupting the US,” according to Tesla billionaire Elon Musk.
Forbes Digital Assets
Hartnett predicted that the newly created bitcoin exchange-traded funds (ETFs) that have taken Wall Street by storm in recent months are headed for a “bigger year,” in part because of the collapse of the U.S. dollar.
This week, Musk, who has supported Trump after the failed assassination attempt on the former president, fueled speculation that Trump May Be About to Make a Revolutionary Bitcoin Announcement.
“Bitcoin is now a proxy for a Trump victory,” said Sean McNulty, director of trading at Arbelos Markets. counted Bloomberg, citing expectations among traders that Trump would announce a much friendlier regulatory and political landscape than the Biden administration.