Elon Musk warns of rapid US bankruptcy, proposes solution inspired by
Dogecoin
In a controversial warning, billionaire Elon Musk has said the US could face bankruptcy “very quickly,” suggesting a solution inspired by the popular cryptocurrency.
Dogecoin
His comments come as Bitcoin's price has fallen after approaching the $100,000 mark.
It is currently trading at $95,000 according to
CoinMarketCap
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US spending and public debt crisis
The U.S. national debt surpassed $34 trillion in early 2024, driven by years of economic stimulus tied to
With the pandemic and rising interest rates, according to a report published by
Forbes
In a post on the X platform (formerly Twitter)
Musk expressed concern about the fiscal deficit, with government spending in 2023 estimated at $6.16 trillion compared to $4.47 trillion in revenue, a gap Musk described as "unsustainable."
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"For government efficiency, the Doge Department"
Musk suggested creating
Department of Government EfficiencyDoge
To cut US spending by $2 trillion. While the name sounds funny, the idea reflects Musk’s belief that inefficiencies in government operations contribute significantly to financial instability.
The name is inspired by
Dogecoin
The cryptocurrency that Musk has publicly supported and adopted as a means of payment for
Tesla
Through his strong advisory role to President-elect Donald Trump, Musk has gained a stronger platform.
To discuss economic issues.
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Bold proposals for economic reform
Musk called for crypto-friendly voices to be included in the new administration, expressing confidence in blockchain technology.
As part of broader economic reforms. This comes after a two-year lawsuit was dropped,
Musk and Tesla accused of price manipulation
Dogecoin
Where investors demanded compensation of $258 billion.
In another context, Musk supported the idea of giving US presidents a role in Federal Reserve decisions, after Trump hinted
To the possibility of a change in the independence of the central bank. Musk believes that presidential intervention may be necessary to achieve stability.
More economical.
"America is currently heading towards bankruptcy at a very high speed."
Musk wrote in a post calling for urgent action to reduce the budget deficit, stressing the need to control spending.
As part of his broader campaign to curb government waste.
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