Bitcoiners are loving Elon Musk’s debt fallout with Trump
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 ...