The United States' national debt has reached staggering new heights, crossing the $34 trillion mark earlier this year. And Tesla CEO Elon Musk is sounding the alarm, warning that this debt growth is "unsustainable" and could lead to a looming "financial emergency" or even "bankruptcy" for the country.
Musk's dire warnings come as cryptocurrencies like Bitcoin and Dogecoin have seen their prices surge to new highs. In fact, there are even rumors that President-elect Donald Trump may try to use Bitcoin to help "wipe out" the country's massive $35 trillion debt burden. Trump has floated the idea of creating a "strategic national Bitcoin reserve" to achieve this.
Musk, who has been a vocal supporter of Dogecoin, is taking action of his own. He is backing the creation of a "Doge Department of Government Efficiency" that he believes could strip $2 trillion from U.S. government spending. The Doge department is a nod to the Shiba Inu "doge" meme that has become closely associated with the Dogecoin cryptocurrency.
Interestingly, the surging prices of Dogecoin and Bitcoin seem to be fueling Musk's concerns over the national debt. Musk has warned that "excess government spending is driving America into bankruptcy," and he's clearly sees cryptocurrencies as a potential solution.
Whether Trump or Musk's proposals come to fruition remains to be seen. But one thing is clear - the growing influence of digital assets in the political and economic sphere is impossible to ignore. As the U.S. debt crisis continues to loom, the crypto community will be watching closely to see how policymakers respond.
