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.
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Bitcoiners think Elon Musk is becoming one of them
As such, Bitcoin maximalists are welcoming Musk’s criticism with open arms. They fundamentally disagree with increasing debt, and would rather see the US dollar pegged to BTC instead.
Bitcoin investment firm Swan Bitcoin agreed with his “debt slavery” comments, and said, “Elon will realize: There’s no exit without BTC.” Bitcoin Magazine also used Musk’s same criticisms to encourage its followers to buy BTC.
Bitcoin novelist Michael R. Sullivan thinks Musk will get “deep into BTC by the end of the year” in response to this debt and will, in turn, fuel a “parabolic bull market.”
Max Keiser, a BTC maximalist with more outlandish ideas, said the Tesla CEO is “on the brink of going FULL BITCOIN MAXIMALIST.” In another unlikely scenario, he said that Trump’s plan involves buying billions of dollars worth of BTC with the trillions of dollars he’s printing.
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The sentiment across Bitcoin supporters is that Elon Musk is “orange-pilling himself.” That said, the increasing debt isn’t the only reason behind his anger.
The Wall Street Journal (WSJ) reported that the president’s decision to block Jared Isaacman, Musk’s pick for NASA head, had greatly upset Musk.
Regardless of this, senior White House officials claim that Musk’s criticisms of the bill reportedly caught the Trump administration off guard and left Trump confused.
Also exacerbating the US’s debt problem could be Musk’s own Department of Government Efficiency (DOGE). As the WSJ reports, DOGE cuts to the IRS may result in a 10% drop in tax filings and $500 billion in lost revenue.
This is due to the public perception that the IRS has fewer staff to check and enforce filings. Indeed, one-third of its auditors have left.
