We Need Change, Tesla CEO Elon Musk Warns of US Bankruptcy, Supports Bitcoin Price Rise for Treasury

Elon Musk, the Tesla billionaire who became a close advisor to US President-elect Donald Trump, surprised people with an unexpected endorsement of crypto this week.

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Musk has repeatedly warned in recent weeks that uncontrolled U.S. government spending could trigger a “financial emergency” in the United States, as wild rumors about nation-state adoption of bitcoin help fuel an explosion in bitcoin price around $100,000.

Today, as traders bet that Trump will implement a far-fetched plan to create a strategic bitcoin reserve and wipe out the $35 trillion US debt with bitcoin, Elon Musk backed Cantor CEO Fitzgerald and bitcoin price bull Howard Lutnick as Trump's Treasury secretary.

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ForbesFed Suddenly Reverses Huge $3 Trillion Bitcoin and Crypto Price BoomBy Billy Bambrough

Tesla billionaire Elon Musk, who has repeatedly warned of the financial collapse of the United States, helped the… [+] The price of bitcoin has skyrocketed in recent years.

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“My view, for what it's worth, is that [Scott] Bessent is a choice to maintain the status quo, while Howard Lutnick will actually implement change,” Musk posted on X. “Maintaining the status quo is bankrupting America, so we need change either way.”

The US national debt has soared in recent years, crossing the $34 trillion mark in early 2024, as Covid stimulus sent inflation out of control and sparked fears of a 'cataclysmic collapse' .

Musk was responding to an X-rated post by fund manager Kyle Bass, who called hedge fund CEO Bessent “eminently more qualified than Howard Lutnick to lead the U.S. Treasury.”

Musk said he would be “open to” interviewing Bessent and Lutnick on an Polymarket crypto prediction platform.

Meanwhile, Robert F. Kennedy (RFK) Jr., nominated this week as Trump's health secretary, also endorsed Lutnick for Trump's treasury secretary, posting in response to Bass that “bitcoin does not will not have a stronger defender” than Lutnik.

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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 Bitcoin has skyrocketed this year, exploding since Donald Trump won the White House and… [+] helped by Tesla billionaire Elon Musk.

Forbes Digital Assets

“Bitcoin is the currency of freedom, a hedge against inflation for middle-class Americans, a cure for the devaluation of the dollar relative to the world’s reserve currency and the exit from a ruinous national debt,” RFK Jr. wrote.

Earlier this month, Lutnick, who heads Trump's White House transition team, told investor and YouTuber Anthony Pompliano that he had “hundreds of millions of dollars of exposure” to bitcoin .

“It will be billions,” said Lutnick, who manages the assets of $127 billion USDT stablecoin issuer Tether through Cantor Fitzgerald. “Bitcoin, which is rare and special, will become more and more rare, more and more valuable, over time it will be financed like gold [and] oil. Bitcoin will be much, much, much higher, sometimes lower, you just have to have faith.

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