Elon Musk's $35.7 Trillion Debt Warning: Bitcoin Emerges as Safe Haven
The U.S. debt has hit $35.7 trillion, pushing Elon Musk to warn of a financial emergency. Bitcoin prices have jumped above $67,000 as more investors turn to it as a safe haven. Excess government spending is driving America to bankruptcy! https://t.co/hgQvvKbgX8 — Elon Musk (@elonmusk) October 17, 2024 The growing financial emergency deepens as interest payments consume more monthly tax money. Also Read: Nvidia (NVDA) Outshines Apple, Stocks Rally Hard As Firm Targets $200 Impact of AI Chip Controversy on Nvidia’s Market Position Source: VisualCapitalist Musk Sounds the Debt Alarm “Just the interest payments on the debt are 23% of all federal tax revenue,” Musk said at a Trump rally. Elon Musk emphasized that “The interest payments now exceed the Defense Department budget, which is $1 trillion a year. That’s a lot of money.” Each American household now pays about $7,000 yearly for interest on the national debt. Musk’s warning comes as gover...