New York, Monday, October 21, 2024-Tesla billionaire Elon Musk has issued a stark warning about the U.S. government’s financial practices, claiming the country is headed toward “bankruptcy.”
His remarks come amid heightened volatility in the cryptocurrency market, particularly following Tesla’s last week movement of $750 million in Bitcoin, which sparked speculation about potential sales of its holdings.
Musk, in a post on X (formerly Twitter), highlighted the alarming rate of government spending, stating that $500 billion had been added to the national debt in just three weeks.
He warned that such “excess government spending” is driving inflation and pushing the U.S. toward economic collapse.
Musk called for significant reductions in government expenditure to prevent an unmanageable debt load.
This warning coincides with a period of rising Bitcoin prices, which recently approached an all-time high of nearly $70,000.
However, Musk’s comments have contributed to market uncertainty, leading to a notable decline in Bitcoin value.
As national debt continues to soar past $34 trillion, analysts anticipate that the situation could worsen, potentially adding another $1 trillion every 100 days.
