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Bitcoin supporters are backing Elon Musk after he called Donald Trump’s new tax-cut and spending bill a road to “debt slavery,” and hinted that he would support bitcoin (BTC) as a US reserve currency. The so-called “One Big Beautiful Bill Act” will reportedly add $2.4 trillion worth of debt to the US’ already $36.2 trillion in liabilities. It will also make $3.75 trillion in tax cuts, and will apparently leave 7.8 million people without access to health insurance thanks to a $1.3 trillion reduction in federal spending. On Wednesday, Musk launched an angry tirade against the bill and the debt it will create, calling it a “disgusting abomination.” He also responded to Coinbase CEO Brian Armstrong with an American flag emoji after Armstrong said BTC would become a US reserve currency if Congress doesn’t reduce the deficit. — Elon Musk (@elonmusk) June 4, 2025 Read more: CHART: Trump’s second term has been better for gold than bitcoin Bitcoiners think ...

Crypto exchange Kraken is under fire for letting controversial Barstool Sports founder Dave Portnoy “shit on its reputation” after he launched a number of memecoins that all crashed over 99%. Throughout February, Portnoy has promoted a number of coins that have rocketed, crashed, and made thousands of dollars in the process. Among these is a token with the ticker JAILSTOOL, which he is now committed to holding after previously claiming to have sold it all by accident while using the toilet. He’s currently getting flak for launching the tokens GREED and GREED 2. Lookonchain notes that he held 35.79% of the GREED supply and sold it in one transaction, causing it to crash 99%. He reportedly made over $250,000. Users on X claim Portnoy “is taking a giant shit on Kraken’s reputation and they’re just sitting there doing nothing.” NFT trader @Tyler_Did_It said, “How long is Kraken going to keep sponsoring Dave Portnoy while he openly mocks the space on a daily basi...