Topic: Tesla Billionaire Elon Musk Issues $35 Trillion U.S Bankruptcy "Warning." (Read 450 times)

The reason why the US national debt is increasing is that instead of investing in science and education, they are investing into Hollywood. At the moment, the world is f-ed up. If you want to live a good life, you have to become a gamer, influencer, streamer, do crazy staff, be narcissistic and so on. If you study hard in the university, you end up with a slave salary and don't go further in your life.
Get an MBA in Finance, start working in Bank, how much will you earn? Now compare that salary to the money that streamers and influencers earn. Your job in Bank will be very stressful but your job as an influencer, streamer and onlyfans girl will be amazing and far from stressful. That's the difference. Kids grow up and they want to become retard Logan Paul instead of someone like Thomas Edison, Nikola Tesla and so on.
A very interesting life awaits in the near future, once all of these skilled and hard-working people retire because young generation is not going to work.

By the way, this is the problem in the USA. There are two candidates, Biden and Harris. Trump is crazy narcissist, Harris is stupid. What I like in Trump is nationalism, the attempt of closing borders and getting illegal migrants away but other than this, he is crazy. Harris is simply stupid and her team didn't do anything during Biden's administration. It was a shame that Biden, a man who doesn't know where he is and what he speaks, was the president of the world's number one superpower country.

But will that day come? We have heard thousands of stories, thousands of theories that America will default and the banks will collapse. But did you know that the United States and the US dollar have dominated this world for more than 100 years and precisely since 1920 till now, and there is no sign that they will collapse or lose this dominance in the near future?

Is Elon making this warning because he wants to warn us to invest in bitcoin to avoid a disaster or does he want to call on us to vote for him and Trump to save America?

Also, if the world's largest economy collapses, are you sure the price of bitcoin will increase or will it also be dumped heavily? I don't think bitcoin would be everyone's choice if that scenario happened.

The fact that countries owe this much debt and still go ahead to pretty shit ton of more fiat out of thin air will eventually be the collapse of the global banking sector. The reason Elon musk is issuing that warning is because as the US debt get bigger with each passing day, it's going to get to a point when shit is going to hit the fan at which point, it would all be too late and the ponzi that government have been managing will come crashing down. Risk assets like Bitcoin might not get its glory now but the time is coming.

Anyway, my concern now is that which country is not in debt as we speak now , what causes this so called debt. If countries keep been debtors, what is the likelihood of providing better living environment for their citizen. We have seen countries struggling with debt time to time and yet they lack proper mechanism to fight debt.

My greatest surprise now , is oil producing countries, even the ones rich in mineral resources keep owing trillions of dollars. The failed economy we are seen around the world is due to failed government.

The world is faced with leaders without direction, everyone wants to be leader yet they lack the necessary quality. If industrialized country are battling with debt, what is the faith of underdeveloped countries with wobbling economy.

When bitcoins becomes a means of transaction, many countries will never be free from debt as taxes will be a thing of the past.

It can't only affect the USA and it can't be good for economy. The whole world is linked to USD, it's the major traded currency. If the USA goes bankrupt, then the world economy will collapse and there will be many bad months and years for many people.
When a human want to eat, all they think is to sell all the remaining Bitcoins and buy the bread, so don't think that it will positively affect Bitcoin's price.

While it's true that wealth is not connected to intelligence, Elon Musk is definitely an intellectual and there are no doubts about that. Does he speak things that intellectual should talk? Not really, at least most of the time. Why? Because besides being an intellectual, Elon Musk is a businessman, a very successful businessman and he talks what benefits him. Is it beneficial for him to support Trump? He will do that. Is it beneficial for him to support Biden? He will do that. Is it beneficial for him to praise Dogecoin? He will do that. This main praises Dogecoin, it might makes him look dumb but can you imagine how much money he made by Doge's pump and dump that he caused artificially?

Am just surprised that the us is running into a huge dept, and I know that every other country is always intove with one or two debt, how to manage those debts is what matters not the debt it self because we have a government that keep borrowing and borrowing funds. So their is nothing that serious, what plans do they have when ever they want to pay back.

And the us government are pretty smart government and they have their way of managing their problems on like those that will create problems and they find it hard to manage the problem they are suppose to manage properly. Have never heard that a country will run into bankruptcy they will have alternative plans on how to pay back those money for sure.

And if the bankruptcy might affect bitcoin if war war affects bitcoin then what else can not affect bitcoin, we just have to hope that everything is settled well, so as to avoid future problems that the bankruptcy will come with because prevention is better than care.

You need good warmongers in the cabinet if you want to have a competent national defense. I don’t see anything wrong with it. As you said, Trump didn’t start any regional wars during his term. How many wars have the democrats started during Obamala/Biden’s and Biden/Kabamala’s terms? I can’t give you the exact number but I know it is a number bigger than one.

Trump started zero wars. Zero. And he had 4 years to create one but he has chosen not to. He should be given the world peace award or whatever the fuck they call it nowadays.

Trump withdrew the US soldiers from Syria and it was also his decision to withdraw from Afghanistan which Biden executed very poorly and made the US a laughing stock.

Just because Trump didn't succeed in starting any wars 4 years ago, it doesn't mean he is not a bigger warmonger than Biden. His cabinet was literally the biggest warmongers and bloodthirsty individuals on the planet. Specifically that mustache guy Bolton (National Security Advisor), Pompeo (Secretary of State) and of course Mattis (Secretary of War).

If you think the direction of the global situation is going to be different with Trump you don't know USA at all.

Bitcoin will not benefit when the US economy collapses and drags the world economy down, and the price of bitcoin may even fall the most in history. When the world economy collapses, people will look for safe havens and stores of value like gold, no one will look for a highly volatile speculative asset like bitcoin.

Just like every time there is a war, the economy is affected by inflation, we see that people tend to need safety and gold is the only asset that meets that, people do not need a decentralized but highly volatile asset.

We should not deny that bitcoin is not yet a store of value or a safe haven, so it will not be everyone's choice and its dumping is inevitable if the world economy collapses.

Elon has a point. The US national dent is growing exponentially. It is a public information.

https://www.usdebtclock.org/

Right now the US national debt is more than 35 trillion and it is growing a million dollars in every 30 seconds, a billion for every ~8 hours, in one day the US adds another ~$3 billion to its national debt.

Anyone with a half brain can see that it is a dead end. The US has no intention to pay its debt back as right now they can't even afford to pay the interest of the principal.


The US is essentially broke and that's why we are seeing Ukraine and Israel attacking their neighbors.

The Biden administration needs a war to divert people's attention from poverty.

Only Trump can stop this madness.

I would agree with you. for detailed information about that debt. you can check the link below.

https://fiscaldata.treasury.gov/americas-finance-guide/national-debt/

Incorrect. Most US debt is held by Americans, not foreigners. US debt held by foreigners is just under $8T--although, like you said, we also hold a lot of their debt, so net-net it's probably only about half of that.

Unlike the amateur-hour analysis that most people employ when it comes to US debt (including morons like Elon Musk), the US debt is money we borrow from ourselves.

debt is not magic, its numeric

the US owes $35t to different countries, but these other countries have debts too
the simple solution is match reciprocal debts between countries and write them off to cancel them out on both sides

The solution is pretty simple, inflation!
The debt is 100 trillion and 3 times the GDP? Just drive inflation for a year by 100%, raising all wages by 100% and there you have it, the purchasing power stays the same, the stock market is still up cause more money comes in, and suddenly because of inflation the GDP is twice in size and the debt is just 1.5 the size of the GDP. It's a bit radical and it would affect the value of the $ but it will also make exports cheaper and imports costlier with the US being nearly independs on natural resources and food it will pass this without a hiccup.

This is the advantage of having the debt in the currency you own and can print!


It's quite the opposite, it's a guarantee Bitcoin will take a hit and will revert to levels worse than the Covid crisis, with the largest economy going bankrupt and sending every single country into death spiral who do you think will buy crypto? Saylor?  Vietnam exports goods 25% worth of its GDP to the US, US tourists spend 150 billion worldwide, Salvador gets in remittances 6 billion every year, more than 10 times their entire Bitcoin stash, and these are just some random examples, the US going bankrupt would be a bloodbath.

I too think that it would be bad due to the people being desperate and the overall mood of them.
And, yeah, Musk is a person who would go with the hype just to get the crowd pumping, and what's better than something that was described in OP's post? 

IMO there is no guarantee that this bankruptcy will lead to a boom in the Bitcoin price. Whereas some think it could be the case that a debt crisis might push people to decentralized assets such as Bitcoin, it's similarly plausible that short-term market uncertainty pulls Bitcoin down. Musk's concerns are very valid: a government "whistling past the graveyard" in terms of debt interest payments in excess of over a trillion dollars annually. None of these, however, essentially pinpoint that Bitcoin is going to the moon. As always, Bitcoin faces its own set of volatility and market reactions to world-wide events; and these are not always positive.

Moreover, market reactions are determined by a host of factors, including geopolitical risks, regulations, and all other macroeconomic conditions. In this context, where the debt situation may nudge some towards Bitcoin, it is no sure bet for a price explosion.

I believe that the US national debt is a problem in the long run, but a problem the US is pretty good at managing so far. While there's no viable solution yet, they make sure to pay the interest rates in time and don't go into bankruptcy. Musk just likes hype and thus posts things that will gain attention. It doesn't mean there's a real risk in the near future. Also, I'm honestly not sure whether an event like the US bankruptcy would be good or bad for Bitcoin. But my intuition is that it would be bad, with people panic selling and markets crashing because of how strong the US economic influence is.

Totally agree There were talks about the US debt for an eternity beforehand, and it always ended the same way.
As long as the US stands where it stands, nothing bad will happen, something bigger than crypto space should happen for that to change. Elon can just follow his own agenda on the matter, and that's fine, everybody has their goals in mind.

Elon is stating facts, the fiat system is a huge ponzi. The dollar as the world reserve currency is running itself into the ground. The only way to stop it is if the US buys Bitcoin as a hedge. They could pay some of the debt that way when Bitcoin inevitably increases in value. They will do nothing though & the debt will keep increasing.

Sometimes, we really have to take everything with a grain of salt what Elon has been telling the media. I'm not a US citizen though, but when we read it, does it supposedly the US people needs to be scare of it?

Or is this something very bullish to Bitcoin, as it had been proven as a hedge on financial situation, just maybe there are just average American or middle income that will put their hard earn money to protect it against inflation as fiat with the continuous printing of it, will lose it's value over the years.

Crazy how many people have become complacent about the level of debt we’re growing in the United States. This debt is relatively new and a giant chunk of it is from the last few years due to the mismanagement of the Covid hoax. We’ve increased the national debt by $340,000,000,000 in the last 3 days. Interest is now trillions per year. Elon is right on. Without major changes we are headed for bankruptcy and honestly I don’t even believe the necessary changes are possible in the current system.

Elon strikes again

He is just bullshitting again to have his moment in the sun. I don't care enough to investigate this statement but the $35 trillion dollar debt wasn't created yesterday and he is just now remembering to criticize it because there is an election coming and he is supporting the candidate from the other side of the aisle.

In any case when the US economy falls apart, it will also cause a "depression"/recession and we already saw what the small recession did to bitcoin price.
There is a higher chance that the sell pressure on bitcoin would increase when that fall occurs, specially if it is sudden and catastrophic. (slow demise has less effect).

$35 trillion in debt ? You obviously don't understand how this works. USA is not Venezuela, Zimbabwe or Yugoslavia.

11 seconds explanation video > https://www.youtube.com/watch?v=BWo0HvPpEtw

Too bad the economy doesn't actually work that way:

1. The US economy going down will trigger massive layoffs.

2. Massive layoffs and other uncertainty will cause people to pull out of their speculative investments--like Bitcoin--in order to pay the rent.

3. This will cause Bitcoin to be dumped onto the market, reducing its price.

Just look at the price of gold during previous downturns: it goes down with the rest of the economy. Bitcoin is no different these days, acting pretty much like other stocks and commodities, at least on the macro level.

My guess is that Musk is preparing to dump all of his BTC soon and wants to hype it as much as possible before he does that.

Oh, Billy Bambrough again with his quota articles. 

Guys, haven't you learned a thing in all these years? If there is a thing that died more times than Bitcoin but just as miraculously is still alive that's either the $ or the US economy.


Fading off? The $ has beaten any other currency in value in the last 4 years, everyone is keeping their valuables in $, every single wealthy billionaire has secret accounts in $, and even here on this forum, do you see anyone advertising something or paying in yuans or rupees or rubles? We are Bitcointalk and there are more services paying in $ than in BTC, yet some still believe that myth of de-dollarization, lol!

This reminds me of when Soleimani was buried and the crowd was chanting death to America while his coffin was carried by a Dodge truck and his daughter was taking pictures with an iPhone!


Shh, don't tell them that the US could simply drive inflation to 50% to erase half of their debt while at the same time bankrupting everyone else, it doesn't fit with the narrative of doom and gloom.

He(1) is(2) not(3) though(4).
He is more like Tony Stark ordered from Temu

Elon also has bad track record of predicting anything. People just thought he would be intellectual as silicon valley has usually been linked with them, and no one wanted to question it. It's only when he is been talking with experts, when most people started to notice the fact that he is avoiding detailed questions. And there's also the issue where people don't seem to realize that wealth is not connected to intelligence.

Well, he is one of the genius brains we have in our time. I too agree to the point that he should stay away from price predictions but his warning about the US bankruptcy is very well intended. US is actually standing on a pile of debt beyond any healthy measure.

US can anytime increase its so called debt celling and print more money. But in long term, that will have a bad impact on its economy. You need to understand that the dollar power of US has slowly started fading off.

Guy should have stuck with cars and rockets tbh. Ever since he bought Twitter and started sharing his "wisdom" on crypto it's been going downhill with him.

That is to say, I have as much trust in his judgement as I would have with, say, Jim Cramer. Though the latter is at least consistently wrong, whereas Elon is more of a wildcard.

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.        

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.

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.

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.

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.

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.

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!

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.

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/