Musk warns: Bitcoin soars as crisis looms

Recently, Elon Musk announced a private meeting with Bitcoin supporter and Salvadoran President Nayib Bukele. Afterwards, the Tesla tycoon warned that the United States was about to go bankrupt because their debt had skyrocketed by $204 billion in one day.

Musk said on his new social media platform "X" that "the United States is heading for bankruptcy," and attached news of the soaring US debt on October 1.

An economist named EJ Antoni also spoke up, saying: "At the beginning of the new fiscal year, the federal debt soared, increasing by $204 billion to a new high of $35.669 trillion. But what's worse is that the Treasury Department has to use $72 billion in cash reserves, which means that the deficit in one day exceeds $275 billion."

In recent years, the US national debt has risen rapidly, breaking the $34 trillion mark in early 2024, all due to the COVID-19 pandemic and lockdown measures.

Earlier this year, analysts at Bank of America warned that the U.S. debt burden was increasing by $1 trillion every 100 days, which could drive up the price of Bitcoin, and the U.S. debt could reach $36 trillion by the end of 2024.

Last month, the Federal Reserve suddenly cut interest rates by 50 basis points, which shocked the market. Everyone was expecting a larger cut in November, but BlackRock's CEO thought it was "too crazy."

Bitcoin prices have been up and down this week because tensions between Israel and its neighbors in the Middle East have escalated again, and everyone has begun to worry about whether this will turn into a larger-scale war, which also shows the importance of Bitcoin as a hedge against the dollar and debt.

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