Last month, CoinDesk discussed in detail how bond market activity is challenging the notion that the U.S. government is good for money, raising questions on the long-held “kayfabe” or illusion of fiscal stability.
Now, billionaire tech entrepreneur Elon Musk has raised the alarm on X through his [perhaps rightful] diatribe against President Donald Trump’s big, beautiful tax bill, which is projected to boost the fiscal deficit by $2.4 trillion over ten years.
That’s happening at a time when mounting fiscal concerns are already driving investors away from U.S. assets and into alternatives, such as bitcoin and gold. As of FY 2024, the fiscal deficit stood at $1.8 trillion, and as of today, the national debt is already at $36 trillion, with annual interest payments amount to $1.13 trillion.
Someone as influential and popular as Musk taking fiscal concerns public could result in two things: First, it could accelerate the shift away from…
