Tesla CEO Elon Musk Warns US Bankruptcy Will Happen Very Quickly Without a Dogecoin-Inspired Solution

Tesla billionaire Elon Musk, after surprising the market with his support for crypto earlier this month, continued his campaign to curb America's growing $35 trillion spending problem.

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Musk, now a close advisor to US President-elect Donald Trump, has called for the appointment of some of the most bullish Bitcoin and crypto investors to the Trump cabinet.

Now, after a series of warnings that the US could be on the brink of bankruptcy, Musk predicted it could happen “very quickly”, joking he would “fix” the problem with a “department called from a coin.

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ForbesLeak Reveals Trump's Crypto Bomb as Bitcoin Suddenly Climbs Toward $100,000 Price By Billy Bambrough

Tesla billionaire Elon Musk has repeatedly warned that the United States could slide into “bankruptcy.” [+] predicting that the only solution is his bitcoin and dogecoin-inspired Department of Government Efficiency.

AFP via Getty Images

“America is heading very quickly toward bankruptcy right now,” Musk said on X, the social media platform he purchased and rebranded as Twitter.

Musk was responding to a post from the Doge Department of Government Efficiency and we need to balance the budget,” the Doge account posted.

The US national debt has soared in recent years, crossing the $34 trillion mark in early 2024, largely due to Covid and stimulus measures that have sent inflation out of control and forced the Federal Reserve to raise interest rates at a historic pace.

Musk then responded “literally,” alongside a laughing emoji, to a tongue-in-cheek X message that depicted Musk telling Trump, “We're going to fix America with a department named after a coin.”

Musk's campaign against US overspending resulted in the creation of the Doge Department Of Government Efficiency, which Musk said could remove $2 trillion from US spending.

The Doge department is a nod to the shiba inu doge meme which is also linked to the cryptocurrency dogecoin, referred to by Elon Musk as his “favorite” cryptocurrency and accepted as payment by his car manufacturer Tesla.

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ForbesHuge Things AheadBitcoin Suddenly Explodes as Mysterious Rumors of Secret Nation-State Adoption Fuel a Crypto Price BoomBy Billy Bambrough

The price of dogecoin soared after the election of Donald Trump, the CEO of Tesla… [+] Elon Musk's creation of the Doge Department of Government Efficiency inspired by dogecoin is pushing it higher and with the price of bitcoin.

Forbes Digital Assets

Doge's association with dogecoin rival bitcoin has caused dogecoin's price to more than triple over the past month, with billionaire Mark Cuban joking that Musk could place dogecoin in the US Treasury.

Tesla continues to hold around 10,000 bitcoins, sometimes called digital gold, worth nearly $800 million on its balance sheet.

Earlier this year, Trump floated the idea that he could use bitcoin to “pay back our $35 trillion, give them a little crypto check, right? We'll give them a little bit of bitcoin and wipe out our $35 trillion,” he said.

In July, Trump promised to create a “strategic national Bitcoin reserve” and predicted that Bitcoin could eclipse gold's $16 trillion market cap during an appearance at the Bitcoin 2024 conference.

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