Elon Musk Warns of US Bankruptcy: Trump’s Bitcoin Plan to the Rescue?

The latest D.O.G.E report has raised alarm bells about the U.S. government’s deepening financial crisis. In fiscal year 2023, the country spent a shocking $6.16 trillion while only bringing in $4.47 trillion in revenue—leaving a massive deficit that keeps growing. The last time the government had a budget surplus was all the way back in 2001.

Could the U.S. be on the brink of a financial meltdown? And if so, who has the boldest plan to fix it? Read on to find out how experts and political figures are reacting to this growing crisis.

Elon Musk Warns of Bankruptcy

Elon Musk didn’t hold back when commenting on the situation. In a post on X, Musk said America is “headed for bankruptcy super fast.”

His statement highlights the growing concerns about the country’s mounting fiscal problems and the possible consequences of continuing down this path.

In response to the crisis, Wall Street Apes proposed a new law that would make any member of Congress ineligible for reelection if the deficit exceeds 3% of the country’s GDP. The goal is to encourage lawmakers to take swift action to fix the deficit, as they would want to keep their jobs.

Warren Buffett backed this idea, saying it could quickly motivate Congress to manage the nation’s finances more responsibly.

Trump’s Controversial Plan: Can Bitcoin Pay Off the National Debt?

Donald Trump has already revealed how he plans to tackle the U.S. national debt crisis. As part of his election campaign, Trump proposed creating a “strategic national Bitcoin reserve” to help pay off the country’s $35 trillion debt. This idea has raised a lot of skepticism. Right now, the U.S. holds about 208,109 BTC, worth around $21 billion.

To cover the national debt, the price of each Bitcoin would have to rise to an unbelievable $173 million—a huge increase.

Even if Trump bought more Bitcoin, it could disrupt the market and push prices too high. While a Bitcoin-backed sovereign wealth fund may sound possible, it is risky and impractical due to the massive financial and economic challenges involved. With Bitcoin approaching $100,000 per coin, the worsening state of the U.S. economy only adds to the uncertainty.

With the country’s financial future hanging in the balance, one thing is clear: the road ahead will require bold decisions and perhaps even more unexpected ideas.