Tesla Billionaire Elon Musk Issues $35 Trillion U.S Bankruptcy "Warning." - page 2.

Zlantann

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Quote from: Marvell1 on October 03, 2024, 08:52:46 AM

I think what Elon wants to convey is that if the Democrats continue to take over the White House, the US public debt will be even larger and to get out of that problem, we should support and vote for Trump and the Republicans. I don't think he was referring to bitcoin or anything else. He has publicly supported Trump and as the presidential election approaches, I wouldn't be surprised if he makes more vile statements aimed at Democrats. That's how American politics works.

Let's say, if the US defaults, do you really believe the bitcoin price will skyrocket or will it be dumped? Personally I don't think bitcoin will explode if the US defaults and I don't think they will default either even though I don't like the US.

It is a valid warning because America's debt has kept growing and interest payments have grown to over $1 trillion. But I suspect that there is a political reason for Elon Musk's alarm. He has openly supported Donald Trump for the US presidency, this might be a plan to give Democrats a bad name. But the US debt has always been increasing even when Trump was president. Trump has openly acknowledged that Musk will be part of his government if he wins. In fact, Trump called Elon a "cost-cutter" who will save the US Trillions. Elon's ability to reduce Twitter staff from 7,800 to 1500 made Trump give him that title.

I don't also think that America's bankruptcy will be good for the Bitcoin market. Bitcoin price is highly connected to the US economy, bankruptcy will affect the market adversely. I also doubt if the US will go bankrupt.

sunsilk

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Is it a warning so, this is what probably the other billionaires are seeing coming soon. Well, not surprised with that because the entire economy has been rolling on with debts, left and right.

What others can do even the smallest that are like us, we can hedge against the inflation and any unforeseen event or with this kind of warning that's imminent to happen.

Remember the last covid crisis, the US government printed more money. They FED cut interest rate, and I don't know if they want to have another series of brrr printing. So, with this warning, it can result into a domino impact.

Don Pedro Dinero

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Quote from: NotATether on October 03, 2024, 07:50:01 AM

Well the USA was already [perpetually] bankrupt from all the interest it was paying (if you like to call it that), but now all the suckers are going to believe this just because Elon said it.

But is there any country, of the big ones I mean, in terms of GDP, that is not the same?

https://www.usdebtclock.org/world-debt-clock.html

Countries are doing like the USA, fleeing forward, and this fiat system, which has long seemed to be about to explode, continues for the time being, printing more and more.

I don't know if some countries will go bankrupt or not, but bitcoiners know that the best way to protect ourselves against currency devaluation is precisely bitcoin.

Marvell1

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I think what Elon wants to convey is that if the Democrats continue to take over the White House, the US public debt will be even larger and to get out of that problem, we should support and vote for Trump and the Republicans. I don't think he was referring to bitcoin or anything else. He has publicly supported Trump and as the presidential election approaches, I wouldn't be surprised if he makes more vile statements aimed at Democrats. That's how American politics works.

Let's say, if the US defaults, do you really believe the bitcoin price will skyrocket or will it be dumped? Personally I don't think bitcoin will explode if the US defaults and I don't think they will default either even though I don't like the US.

Smartprofit

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The huge domestic debt of the USA is, of course, a big problem. However, can we say that the USA is threatened with bankruptcy in the near future? In my opinion, this is not so...

The financial and economic situation of the USA is far from ideal, but the paradox is that in other countries the situation is much worse.

There is a famous joke about two tourists who met a tiger in the jungle. One of them suggested that the other save himself from the tiger by running away. The other noticed that the man runs slower than the tiger, so there is no chance of salvation. However, the first tourist told him - yes, you have no chance, but I am young and fast, and I have a chance to save myself. After all, I do not need to run faster than the tiger. I need to run faster than you. Because when the tiger catches up with you, it will definitely stop to satisfy its hunger.

The USA does not need to have an ideal economy either. The main thing for the USA is not to be worse than other countries. In addition, part of the US domestic debt is debt to American companies.

And most importantly, all American debt is denominated in US dollars, which virtually eliminates the possibility of bankruptcy.

Maslate

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Quote from: NotATether on October 03, 2024, 07:50:01 AM

He says he wants to be the head of D.O.G.E - ...

You can’t fully trust Elon when he talks about crypto investments, especially Bitcoin. DOGE was all hype back then, and he played a huge role in driving that. He seems to have no real principle—just playing on whatever benefits him. Remember when Tesla started accepting Bitcoin, only for him to announce in 2021 they’d stop due to environmental concerns? It shows he's unpredictable, and it’s hard to trust his stance on these matters.

NotATether

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Well the USA was already [perpetually] bankrupt from all the interest it was paying (if you like to call it that), but now all the suckers are going to believe this just because Elon said it.

And how does he plan to solve this problem? He says he wants to be the head of D.O.G.E - that has to be the dumbest name for a government agency that will only comprise one person by the way - but he has no plans to do anything except for cost cutting, people cutting, basically only things private equity firms do.

And private equity firms always bankrupt their assets to make themselves richer - how ironic!

Russlenat

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There’s something missing in the thread title — without it, it can be misleading. You need to add the word "Warning."

At first, I thought it was about Tesla going bankrupt, but it turns out the title refers to the US economy facing potential bankruptcy due to massive debt. If this happens, it would hurt the US economy, but it could actually be good news for Bitcoin, as people might use it as a hedge to protect their money from inflation. So, the story is that Elon is giving a tip to the president of El Salvador to invest more in Bitcoin, as its value would likely skyrocket if this scenario plays out.

Ricardo11

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Tesla billionaire Elon Musk has issued a $35 trillion US 'bankruptcy' warning - predicted to trigger a bitcoin price boom.

Bitcoin fell to around $60,000 per bitcoin, erasing much of the gains it made after the China bombshell.

Now, after Elon Musk revealed details of his secret meeting with El Salvador's bitcoin-backing president Nayeb Buquel, the Tesla billionaire has warned of bankruptcy for the US after US debt jumped $204 billion in one day.

"The federal debt exploded on Day 1 of the new fiscal year, jumping $204 billion to a new record of $35.669 trillion, but it got worse: The Treasury also had to reduce its cash balance by $72 billion — more than $275 billion in red for just one day," EJ Antony, an economist at the conservative Heritage Foundation, posted.

Last month, Musk met with El Salvador's bitcoin-backing president, Naib Bukele, who made history when El Salvador accepted bitcoin as legal tender in 2021, Bukele predicted that the U.S.'s days could be numbered.

here is the full news:

https://www.forbes.com/sites/digital-assets/2024/10/03/tesla-billionaire-elon-musk-issues-35-trillion-us-bankruptcy-warning-predicted-to-trigger-a-bitcoin-price-boom/

Topic: Tesla Billionaire Elon Musk Issues $35 Trillion U.S Bankruptcy "Warning." - page 2. (Read 279 times)