Tesla billionaire Elon Musk hit the campaign trail for Donald Trump last year, declaring a “financial emergency” as U.S. debt spirals out of control and laying the foundation for his Doge department of government efficiency—which could soon be powered by bitcoin technology.
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The bitcoin price surged—crossing the $100,000 per bitcoin level—as traders bet soaring U.S. debt would create a “doom loop” that pushed bitcoin higher.
Now, after Musk backed bitcoin hero Ron Paul, author of 2009 book End The Fed, for Federal Reserve chair, Musk has called the climbing U.S. debt clock “terrifying”—as Donald Trump’s crypto czar David Sacks confirms he’s working on Trump’s plan to create a bitcoin reserve that could “wipe out” U.S. debt.
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