Key Takeaways
- Brian Armstrong warned Bitcoin may change the greenback if U.S. debt continues rising.
- Elon Musk attacked 215 Republicans over their help for a large spending invoice.
- U.S. nationwide debt has reached $36.9 trillion, with curiosity funds nearing $1 trillion per 12 months.
Coinbase CEO Brian Armstrong has warned that continued U.S. deficit spending may result in Bitcoin changing the U.S. greenback because the world’s reserve forex.
Armstrong wrote on X:
If the voters doesn’t maintain Congress accountable… Bitcoin goes to take over as reserve forex.
He made it clear {that a} robust America can also be important for international stability.
If the voters would not maintain congress accountable to lowering the deficit, and begin paying down the debt, Bitcoin goes to take over as reserve forex.
I really like Bitcoin, however a powerful America can also be tremendous necessary for the world. We have to get our funds below management. https://t.co/aeBE7pUuHo
— Brian Armstrong (@brian_armstrong) June 4, 2025
Rising U.S. Nationwide Debt
The put up got here in response to a chart from World of Statistics displaying the U.S. nationwide debt rising from $5.7 trillion in 2000 to $36.9 trillion in 2025—a sixfold enhance in 25 years.
Musk’s critique of presidency spending
The comment ignited widespread dialogue.
Elon Musk joined the talk, stating:
Curiosity funds already devour 25% of all authorities income.
He warned that if present spending continues…
… there’ll solely be cash for curiosity funds and nothing else.
Musk referred to as a current GOP-backed spending invoice a “disgusting abomination” and urged voters to take away the 215 Republicans who supported it:
In November subsequent 12 months, we hearth all politicians who betrayed the American folks.
Curiosity funds already devour 25% of all authorities income.
If the huge deficit spending continues, there’ll solely be cash for curiosity funds and nothing else! No social safety, no medical, no protection … nothing. https://t.co/UKp4HYdKRt
— Elon Musk (@elonmusk) June 4, 2025
Future projections and Bitcoin’s function
The Congressional Funds Workplace initiatives curiosity on federal debt to hit $1 trillion this 12 months, probably doubling by the 2030s.
Debate on Bitcoin as a reserve forex
Whereas Armstrong warned of a Bitcoin reserve forex situation, some, like influencer Wendy O, pushed again, citing Bitcoin’s volatility:
Bitcoin won’t ever be a reserve forex… however it will likely be desired.
Institutional curiosity in Bitcoin
Nonetheless, institutional curiosity continues to climb, with Bitcoin buying and selling over $100,000 and ETFs extensively accessible.
Armstrong’s warning displays rising issues about fiscal mismanagement and the way forward for the U.S. financial system.