Elon Musk, Who Called Trump's 'One Big Beautiful Bill' A 'Disgusting Abomination,' Responds To Coinbase CEO's Warning That Bitcoin Could Replace Dollar If Congress Isn't Held Accountable
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below.
Tesla and SpaceX CEO Elon Musk signaled agreement with Coinbase CEO Brian Armstrong's warning Wednesday that government overspending could lead to Bitcoin (CRYPTO: BTC) replacing the dollar as the reserve currency.
What happened: Armstrong was responding to a post by World of Statistics that highlighted the alarming rise of U.S. federal debt in the last few years. The debt has ballooned to $36.9 trillion in 2025.
"If the electorate doesn't hold Congress accountable to reducing the deficit and start paying down the debt, Bitcoin is going to take over as reserve currency," Armstrong said.
Trending: — no wallets, just price speculation and free paper trading to practice different strategies.The cryptocurrency mogul said that while he loves Bitcoin, he also desired a 'strong America' that is fiscally responsible.
Musk responded to Armstrong's arguments with a U.S. flag emoji, indicating an agreement.Why It Matters: Musk has lashed out at the latest congressional spending bill, describing it as a 'disgusting abomination.' The White House has dismissed the criticism, stating that the bill does not contribute to the deficit.
The House passed the $3.8 trillion tax-and-spending package, which President Donald Trump calls the "big, beautiful bill." While it promises an immediate economic boost through wide tax cuts and higher defense spending, market analysts warn of serious long-term fiscal ramifications.
Entrepreneur and investor Anthony Pompliano stated last month that concerns about debt and inflation could fuel Bitcoin's growth.
Read Next:
New to crypto? Get up to $400 in rewards for successfully completing short educational courses and making your first qualifying trade on Coinbase.
A must-have for all crypto enthusiasts: Sign up for the Gemini Credit Card today and earn rewards on Bitcoin Ether, or 60+ other tokens, with every purchase.
Photo Courtesy: Shutterstock/Joshua Sukoff
This article Elon Musk, Who Called Trump's 'One Big Beautiful Bill' A 'Disgusting Abomination,' Responds To Coinbase CEO's Warning That Bitcoin Could Replace Dollar If Congress Isn't Held Accountable originally appeared on Benzinga.com
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
23 minutes ago
- Yahoo
Gemini Daily Horoscope Yahoo Life Astrology: June 08, 2025
You and business partners )or good friends if you work alone or aren't in charge) are getting along famously. Make the most of this energy by cementing deeper relationships with them. Improve your dating life and find 'the one' faster with your Weekly Finding Love Tarot Reading.
Yahoo
29 minutes ago
- Yahoo
Hall declares victory over Davis for Fort Worth City Council District 6 seat
Dr. Mia Hall declared victory over opponent Daryl R. Davis II to the applause and cheers of friends, mentors and family Saturday night at her election watch party at Bowlounge. Unofficial polling data shows Hall leading with 57.12% over Davis's 42.88% in the race for the Fort Worth City Council District 6 seat. Allof the 19 polling locations are reporting. Hall will fill out-going Council Member Jared Williams's shoes to represent Southwest Fort Worth and Como. In the crowd during Hall's speech of thanks were Council Members Chris Nettles, Michael Crain and Elizabeth Beck and Crowley School Board Members Dr. Nedra Robinson and Chakina Watkins. Because none of the four candidates — Davis, Hall, Marshall Hobbs and Adrian Smith — received more than 50% of the votes on May 3, the top two vote-getters went to a runoff election. On May 3, Hall had 46.8% of the votes, followed by Davis with 28.49%, Hobbs with 21.57% and Smith with 3.14%. Now with early voting results, she leads by nearly 400 votes. There was a 4.47% voter turnout. Hall said she was overwhelmed by the outpouring of support from the voters. She was formerly a Crowley ISD Board Trustee and a member of the Fort Worth Zoning Commission. 'It's been my pleasure to to have served this community in the capacity of a trustee for the last 10 years,' Hall said, 'and just to see the voter turnout, and the fact that they are going to bestow or that I may have the opportunity to represent them as the District 6 councilwoman, is just very humbling.' Hall has promised safe neighborhoods, improved roads and infrastructure, enhanced city services and the fostering of economic development. 'I made promises to our neighbors, and I plan to honor those promises,' Hall said. 'Among those were to be responsive and to be accessible, and that's something that I want to be day one. The other part will be just getting my bearings meeting the other council men and women and me and my colleagues, and just getting my footing underneath me so that we can take the priorities that our District 6 neighbors have made and put them to work quickly, without delay.' Her opponent in the runoff, Davis, promised well-planned neighborhoods that are safe and affordable to live in.
Yahoo
39 minutes ago
- Yahoo
Ben Crump Says Donald Trump's Spending Bill is Terrible Amid Elon Musk Feud
Ben Crump's picked his side in the Elon Musk and Donald Trump beef ... but, he's not backing a personality, he says he's backing the better idea -- and, he doesn't want the "One Big Beautiful Bill" to pass through the Senate. We caught up with the civil rights activist and attorney and asked him about the fight between POTUS and his former advisor ... and, he doesn't directly say he's on Elon's side -- but, he does think this spending bill is terrible. Crump rips the bill for making cuts to Medicaid -- the medical assistance program for people with lower incomes. BC says the world needs more humanity for all people ... instead of making the life of individuals struggling financially more difficult. As you know ... Elon lost his cool about this spending bill earlier this week -- firing off shots at the president and claiming Trump only won reelection because of his efforts. President Trump called BS on that idea ... but, Elon pushed on and claimed the real reason the administration hasn't released the so-called Epstein files is because the president's name is all over them. He's since deleted the post where he wrote that ... but, today Trump warned of serious consequences if Elon decides to support Dems who are running against Republicans who vote for the bill. BTW ... we also asked Crump about Trump potentially pardoning Diddy -- and, it sounds like Crump's staying out of that one, too. Bottom line ... back the idea, not the man -- that's the Ben Crump way!
