Bitcoin Could Replace Dollar As World’s Reserve Currency Amid Ballooning US Debt Crisis, Coinbase CEO Posits
Coinbase CEO Brian Armstrong predicted that Bitcoin might “take over” as the world’s next reserve currency if Congress doesn’t tackle rising national debt quickly.
With America’s national debt sitting comfortably around the $37 trillion mark,
Armstrong is warning that the burden could one day be the reason the dollar is dethroned by the premier crypto as the reserve currency of the world.
“I love Bitcoin, but a strong America is also super important for the world,” the Coinbase boss said in a June 3 post on the X social media platform. “We need to get our finances under control.”
His worries over the debt crisis came as House Republicans passed President Donald Trump’s so-called “One big, beautiful bill” in May that extends tax cuts, boosts military spending, and cuts Medicaid, food aid, and clean energy.
Six Nobel Prize-winning economists, including Paul Krugman and Joseph Stiglitz, argued in a June letter that the bill’s structural design would increase inequality and add over $3 trillion to the US debt.
Fears of inflation and fiscal strain fuel strong interest in Bitcoin, an anti-inflationary asset with a fixed supply. Investors wary of the government’s apparent failure to rein in its spending are preparing for runaway inflation over the long term by pivoting to the top crypto as the safer bet than the dollar.
Tesla CEO Elon Musk also slammed the bill on Tuesday, calling it a “massive, outrageous, pork-filled Congressional spending bill” and a “disgusting abomination.”
Musk collaborated with Trump to establish the Department of Government Efficiency (D.O.G.E.), which triggered controversy due to the agency’s aggressive approach to target various government departments to identify and recommend cost cuts to Trump and Congress.
But the wheels have fallen off that initiative. Musk has clarified that he will dedicate most of his time to Tesla, SpaceX, and his other companies from now on.
Armstrong Isn’t Alone
Coinbase’s Brian Armstrong isn’t the only person concerned about what might happen if America runs out of people to buy its soaring debt.
BlackRock CEO Larry Fink said in a letter to shareholders earlier this year that America’s rising national debt threatens the dollar’s status as the global reserve currency, potentially leading to decentralized assets like Bitcoin taking its place.
Bitcoin has historically served as a safe haven during economic tumult, such as the pandemic, and could benefit long-term from eroding trust in fiat systems, especially with the US fiscal outlook worsening.
Meanwhile, US President Trump has previously floated using Bitcoin to solve the mounting sovereign debt crisis.
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Bitcoin Could Replace Dollar As World’s Reserve Currency Amid Ballooning US Debt Crisis, Coinbase CEO Posits
Coinbase CEO Brian Armstrong predicted that Bitcoin might “take over” as the world’s next reserve currency if Congress doesn’t tackle rising national debt quickly.
With America’s national debt sitting comfortably around the $37 trillion mark,
Armstrong is warning that the burden could one day be the reason the dollar is dethroned by the premier crypto as the reserve currency of the world.
“I love Bitcoin, but a strong America is also super important for the world,” the Coinbase boss said in a June 3 post on the X social media platform. “We need to get our finances under control.”
His worries over the debt crisis came as House Republicans passed President Donald Trump’s so-called “One big, beautiful bill” in May that extends tax cuts, boosts military spending, and cuts Medicaid, food aid, and clean energy.
Six Nobel Prize-winning economists, including Paul Krugman and Joseph Stiglitz, argued in a June letter that the bill’s structural design would increase inequality and add over $3 trillion to the US debt.
Fears of inflation and fiscal strain fuel strong interest in Bitcoin, an anti-inflationary asset with a fixed supply. Investors wary of the government’s apparent failure to rein in its spending are preparing for runaway inflation over the long term by pivoting to the top crypto as the safer bet than the dollar.
Tesla CEO Elon Musk also slammed the bill on Tuesday, calling it a “massive, outrageous, pork-filled Congressional spending bill” and a “disgusting abomination.”
Musk collaborated with Trump to establish the Department of Government Efficiency (D.O.G.E.), which triggered controversy due to the agency’s aggressive approach to target various government departments to identify and recommend cost cuts to Trump and Congress.
But the wheels have fallen off that initiative. Musk has clarified that he will dedicate most of his time to Tesla, SpaceX, and his other companies from now on.
Armstrong Isn’t Alone
Coinbase’s Brian Armstrong isn’t the only person concerned about what might happen if America runs out of people to buy its soaring debt.
BlackRock CEO Larry Fink said in a letter to shareholders earlier this year that America’s rising national debt threatens the dollar’s status as the global reserve currency, potentially leading to decentralized assets like Bitcoin taking its place.
Bitcoin has historically served as a safe haven during economic tumult, such as the pandemic, and could benefit long-term from eroding trust in fiat systems, especially with the US fiscal outlook worsening.
Meanwhile, US President Trump has previously floated using Bitcoin to solve the mounting sovereign debt crisis.
Read More
Coinbase CEO’s Bold Prediction: Bitcoin Set to Replace Dollar as Reserve Currency Amid $36.2T Debt Crisis