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Tesla CEO Elon Musk announced his new political party, describing the US's national debt burden of over $37 trillion as “a disaster that will lead the country to bankruptcy.”
With this formation, which he called the “America Party”, Musk also declared a clear separation from his old friend and re-elected president last year, Donald Trump. The developments brought with them the expectation of a big rise in the cryptocurrency market, especially for Bitcoin.
Speaking at the Bitcoin Conference in Las Vegas, financial commentator Lyn Alden drew attention to the dramatic increase in the US budget deficit, using the phrase “Nothing stops this train” in reference to the Breaking Bad series. Alden said that $2 trillion more will be added to the US debt in 2024 alone.
Musk has been harshly critical of Trump’s new mega-economic bill, which he calls the “One Big Beautiful Bill.” The bill will increase the debt ceiling by $5 trillion and add an additional $3 trillion in debt to the country. Musk lashed out at Trump in his post on the X platform, saying, “This is going to bankrupt the country.” Musk also argued that Trump and the Republicans have failed to keep their promises of “cutting spending” in their election promises last year.
Musk’s move and the increasing financial expansion in the US have created excitement in the crypto market. Unity Wallet COO James Toledano commented, “The government printing so much money is weakening the dollar while strengthening Bitcoin’s ‘digital gold’ status.”
Crypto investor Lark Davis reminded that Bitcoin usually makes double-digit gains after such huge spending bills, saying, “When Trump signed another huge spending bill at the end of 2020, Bitcoin rose by 38%. If the same pattern repeats, the BTC price could hit $150,000. Because nothing can stop this train.”
“All In Podcast” host David Friedberg summarizes the picture as follows: “We are facing a financial emergency in this country, and no one is trying to solve it.” Rapidly rising interest rates following major stimulus packages during the pandemic are making it even more difficult to finance the US’s debt, which has reached $37 trillion.
While the increasing public spending and borrowing trend in the US creates uncertainty in financial markets, many investors are turning their eyes back to limited-supply digital assets like Bitcoin. Elon Musk’s new political formation, the “America Party,” shows that this financial turmoil will have not only political but also economic consequences.
*This is not investment advice.