Elon Musk has issued a $37 trillion debt warning after he made a shock claim about Bitcoin.
The richest man in the world has a whopping $1.3 billion in Bitcoin and has issued a warning over the growing US debt.
During an interview at the All In Summit, Musk said: “At the end of the day, our national debt, which is insanely high … the interest payments exceed the Defence Department, I guess … sorry, War Department … budget and it’s rising, so if AI and robots don’t solve our national debt, we’re, we’re toast.”
The tech mogul also claim that the government is ‘basically unfixable’.
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Musk later took to his own social media platform X, formerly Twitter, to share a clip of the interview, adding the caption: “Toast”.
After his public fallout with President Donald Trump earlier this year, Musk left his position as the head of the Department of Government Efficiency.
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And the Tesla boss shocked the public by announcing that his new America Party might be adopting Bitcoin. This sent the prices of the crypto coin higher.
Back in June, Musk issued a warning to people that Bitcoin could ‘take over’ the US dollar as the world’s reserve currency.
Brian Armstrong, who is the CEO and co-founder of Coinbase, wrote on X, saying: “f the electorate doesn't hold congress accountable to reducing the deficit, and start paying down the debt, Bitcoin is going to take over as reserve currency.
“I love Bitcoin, but a strong America is also super important for the world. We need to get our finances under control.”
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Musk responded to the tweet with an American flag emoji.
In other news, Musk could face more setback as a key feature of Tesla could be set to face an industry-wide ban.
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This comes after it was revealed by local reports that Chinese regulators are considering putting a ban in place against pop-out door handles.
The potential new restriction will come into effect in July 2027 if it goes ahead, which will mean that all cars sold in the country will need to include mechanical handles.
It is not yet clear what Tesla’s approach would be but if the firm is to continue selling vehicles in China, it would mean a complete redesign of the handle.
This is something that might become a reality for the company as over a fifth of Tesla’s total revenue came from China in 2024.