Elon Musk recently revealed details of his secret meeting with pro-Bitcoin President Nayib Bukele of El Salvador. Later, the Tesla billionaire warned that the United States is heading for bankruptcy because the country's debt increased by $204 billion in one day. "The United States is heading for bankruptcy," Musk wrote on the social media platform he acquired and renamed X, along with reports of the surge in US debt on October 1.

EJ Antoni, an economist at the conservative Heritage Foundation, wrote: "The federal debt exploded on the first day of the new fiscal year, increasing by $204 billion to a new high of $35.669 trillion. But it was even worse: the Treasury also had to use $72 billion of its cash balance - that is, the deficit in just one day was more than $275 billion."

In recent years, the U.S. national debt has soared sharply, breaking through the $34 trillion mark in early 2024, mainly due to the COVID-19 pandemic and lockdown stimulus measures. Earlier this year, Bank of America analysts warned that the U.S. debt burden will increase by $1 trillion every 100 days, which could push up the price of Bitcoin, and the U.S. debt could reach $36 trillion by the end of 2024. Last month, the Federal Reserve launched a rate cut cycle with an unexpected 50 basis point cut, which triggered market expectations that the rate could be cut by the same amount again in November, and the CEO of BlackRock even called it "crazy."

Conclusion:

Bitcoin prices have fluctuated this week as tensions in the Middle East escalated between Israel and its neighbors, raising concerns that the geopolitical conflict could turn into a wider war, highlighting Bitcoin's role as a hedge against the dollar and debt.

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