Elon Musk and Senator Rand Paul are warning about unsustainable U.S. debt, which Musk attributes to excessive government spending. Meanwhile, the total crypto market has topped $3 trillion, boosted by bitcoin’s near-$90,000 price and dogecoin’s 36% increase, thanks in part to Musk’s influence. Trump has advocated utilizing bitcoin to pay down the national debt, as well as establishing a national bitcoin reserve. Musk’s proposal for a “Doge Department” to slash spending is gaining traction, boosting dogecoin’s appeal.
Editor’s Note: Financial independence is fundamental to a viable country, just as it is for people. The United States’ continued debt accumulation poses a crucial question: to whom are they genuinely indebted? Trump’s suggestion of utilizing bitcoin to pay down the debt or establishing a national crypto reserve, while innovative, may only provide temporary relief if the main cause—unsustainable government spending—is not addressed. [See also: World Economy In Crisis: Hold On To Your Cash, The Global Domino Effect: How a U.S. Recession Could Topple Economies Worldwide]
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