Experts warn Elon Musk's America Party could trigger Bitcoin bombshell amid $37,000,000,000 'emergency'
Experts warn Elon Musk's America Party could trigger Bitcoin bombshell.
Many predicted the bromance between Donald Trump and Elon Musk was destined to end badly.
Initially, the duo appeared to work seamlessly together, with the Tesla CEO heading the Department of Government Efficiency while maintaining his role as Trump's most prominent supporter.
However, the breaking point came after Trump's signature 'big, beautiful bill' - which is designed to overhaul America's tax and spending policies.
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This week, Trump's comprehensive spending bill passed the House of Representatives, despite expectations that it will add another $3 trillion to the debt while raising the debt ceiling by $5 trillion.
Musk announced his exit from the White House to refocus on his business ventures following fierce allegations about Trump's connection to Jeffrey Epstein files.
Now, the billionaire has promised to start his own political party called the 'America Party' to 'give back freedom.'
However, the new venture comes with warnings about the US's financial future that have crypto experts predicting a potential Bitcoin explosion into the 'trillions and trillions.'
“Nothing stops this train,” said Lyn Alden, a financial commentator and founder of Lyn Alden Investment Strategy, referencing the critically acclaimed TV show Breaking Bad.
Musk described his decision to start the America Party came directly from his fury over government spending and the ballooning $37 trillion US debt crisis. The SpaceX founder has indicated that the increasing deficit of $2.5 trillion is why he’s decided to start the America Party, adding that the US debt will 'bankrupt the country.'
Taking to his X platform on 5 July, Musk posted: "By a factor of 2 to 1, you want a new political party and you shall have it!
"When it comes to bankrupting our country with waste & graft, we live in a one-party system, not a democracy.
"Today, the America Party is formed to give you back your freedom."
Meanwhile, public fears over the US debt pile are spreading and echo Musk's previous warning: "The dollar will be worth nothing if the US doesn't do something about its national debt."
David Friedberg, a host of the influential All In Podcast, which has featured both Musk and Trump as guests, said: "We are in a fiscal emergency in this country, and we’re not addressing it."
“The ‘big beautiful bill’s’ massive fiscal expansion may weaken the dollar and stoke inflation, potentially boosting bitcoin’s 'digital gold’ appeal," added James Toledano, chief operating officer at Unity Wallet.
Whereas Bitcoin investor Lark Davis was even more direct about the opportunity, describing Trump's spending bill as 'one big red flag for fiscal sustainability and one big green flag for risk assets, especially crypto.