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Elon Musk warns of the possibility of bankruptcy in the United States, with a trillion-dollar debt and unusual solutions involving cryptocurrencies. With the support of Donald Trump, bitcoin emerges as a risky but promising alternative. Could this be the economic future of the United States?
Elon Musk is on high alert! With a sharp speech and growing concern, the CEO of Tesla and SpaceX issued a serious warning about the colossal debt of the United States, which already reaches US$ 35 trillion (around R$ 201 trillion).
Amid economic uncertainty and the rise of cryptocurrencies such as bitcoin and the popular dogecoin, supported by Musk himself, the question that resonates is: what will happen to the world's largest economy if nothing is done?
This issue has sparked intense debate about the country's financial future, especially with suggestions from figures like Donald Trump and Musk about the role of cryptocurrencies in paying off the national debt.
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Musk's concern about the US economic outlook is not new, but it has intensified recently.
According to the billionaire, the uncontrolled debt growth is “unsustainable” and points to a dangerous path for the US economy.
In response to a comment from cryptocurrency advocate Senator Rand Paul, Musk reiterated that “excessive government spending” is pushing the United States into an unprecedented fiscal situation.
Paul had already classified annual deficits of US$ 2 trillion (approximately R$ 11,5 trillion) as an unsustainable policy, but Musk went further, proposing a very unusual solution.
The 'Doge's Department' and the Idea of Government Efficiency
Musk's idea to combat what he considers a massive inefficiency of the American government involved the creation of a “Department of Government Efficiency,” nicknamed “Doge,” inspired by the Shiba Inu dog meme and associated with the cryptocurrency dogecoin.
According to Musk, this department could reduce government spending by up to US$2 trillion (R$11,5 trillion), bringing a kind of relief to the American debt.
Dogecoin, a digital currency initially created as a “joke,” gained traction thanks to Musk’s support and became a symbol of this crusade for efficiency and spending control.
Additionally, Tesla, one of the billionaire's companies, began accepting payments in dogecoin, which further boosted the currency's value.
According to Musk, the “Doge department” would be an alternative to cut excessive spending, with an ironic approach, but one that reflects a real concern about the country's financial situation.
Cryptocurrencies in the fight against debt: solution or utopia?
With rising public debt and fiscal pressure in the US, some influential figures, including former President Donald Trump, have suggested use cryptocurrencies to pay off the national debt.
In recent statements, Trump has floated the idea of offering “a little check in crypto,” referring to bitcoin, to ease the debt burden.
According to him, the creation of a “national strategic bitcoin reserve” could be an interesting measure, taking into account that the value of the cryptocurrency has grown significantly in recent years.
At a cryptocurrency conference in July, Trump predicted that bitcoin could surpass gold's market cap, reaching $16 trillion.
These proposals reflect a growing movement among influential politicians and businesspeople who see cryptocurrencies as a possible response to fiscal imbalance.
However, the use of cryptocurrencies to resolve debt is a controversial topic, mainly due to the extreme variations in the value of these currencies and the lack of regulation.
Debt and inflation: the impact of the pandemic on the American economy
US debt has soared especially after stimulus spending during the Covid-19 pandemic.
Measures such as financial aid for citizens and companies and the closure of sectors of the economy to contain the spread of the disease resulted in a significant increase in national debt.
The pandemic also caused a high inflation, leading the Federal Reserve (Fed), the American central bank, to raise interest rates to historic levels.
This scenario caused the US debt to surpass US$34 trillion (R$196 trillion) by the beginning of 2024, revealing a delicate economic situation. Musk, on his social media, expressed his dissatisfaction and frustration with the way the government has managed the economy.
According to him, “the growth of debt is unsustainable”.
The businessman's statement was shared on his X platform, formerly Twitter, which generated a broad online discussion about the paths the American government could take to avoid worsening the crisis.
Controversies in sight: cryptocurrencies versus the dollar
Kentucky Senator Rand Paul has been an outspoken advocate for bitcoin and cryptocurrencies, arguing that they offer an alternative to the US dollar and that their adoption could strengthen the US economy.
In 2015, Paul became one of the first candidates to accept campaign donations in bitcoin and has since stepped up his criticism of the “status quo” of public spending, which he says threatens the country’s economic stability.
The idea of replacing the dollar with cryptocurrencies is still viewed with skepticism by most economists and financial analysts.
However, figures like Musk and Trump contribute to making this possibility an increasingly present topic in discussions about the economic future of the United States.
Could using cryptocurrencies as a store of value and means of payment really save the US from its debt crisis?
The Future of the US Economy
With the rise of cryptocurrencies and the growing national debt, many are questioning whether the US is on the brink of an unprecedented fiscal crisis.
Musk and Trump's proposals may seem unusual, but they reflect discontent with current economic policies and the search for alternative solutions.
However, using bitcoin and dogecoin to pay off the national debt still seems far off and carries significant risks.
Do you believe that cryptocurrencies can save the American economy? Or would this be a risky and unwarranted path?
