- Elon Musk slams debt ceiling hike, pushing Bitcoin as a safer financial haven.
- Jack Dorsey reignites Bitcoin support, using Musk’s tweet to highlight its value.
- Rising Bitcoin advocacy grows as policy shifts stir fears of economic instability.
An old tweet from Elon Musk declaring, “Bitcoin is my safe word,” originally posted in December 2020, has resurfaced, notably amplified by X co-founder Jack Dorsey, when he brought on attention to Musk’s leanings towards digital currency, especially as current financial uncertainty and debates over U.S. government spending intensify.
This renewed focus comes just as Musk himself has been vocally criticizing the controversial “Beautiful Bill,” a legislative proposal tied to increasing the US debt ceiling and government expenditures, which he labeled a “financial trap.”
Related: Elon Musk Pushes GDP Growth Strategy to Combat Rising U.S. Debt and Recession Fears
Bitcoin’s Value Growth Highlights “Safe Word” Tweet’s Enduring Relevance
The 2020 tweet gained new traction when Jack Dorsey reposted it. This move is widely seen as a nudge to Musk, reminding him, and the public, of Bitcoin’s significance as a hedge against inflation and what many perceive as unsustainable fiscal policies.
The passage of time has only added another layer to the tweet’s relevance. Back when the tweet was fresh, Samson Mow, CEO of Jan3, had pointed out that even Musk’s then-hypothetically owned 0.25 Bitcoin was worth around $6,000.
Fast forward to the present, X user @MrBates updated the calculation, noting the same 0.25 Bitcoin would now be worth approximately $26,000, reinforcing Bitcoin’s appreciation.
Dorsey Champions Bitcoin as Musk Slams U.S. Fiscal Policy
Jack Dorsey, a consistent and vocal Bitcoin advocate, has continued to champion the cryptocurrency’s real-world utility. Since leaving his role at Twitter (now X), he has focused on Block Inc., which features Bitcoin services through its Cash App and is developing further Bitcoin-related products.
Besides, Dorsey has continued to lead by example, sharing that he used Bitcoin for daily purchases, such as fries at Steak and Shake.
Musk also supported Coinbase CEO Brian Armstrong’s warning that Bitcoin could replace the dollar as a global reserve currency. He argued that the US is risking economic collapse by expanding the debt ceiling to an unprecedented $2.5 trillion.
Significantly, Musk highlighted that the bill undoes the cost-saving measures recently implemented by the Department of Government Efficiency (DOGE), which he recently departed. He believes these reckless moves will burden Americans with debt they cannot escape.
Bitcoin Gains Momentum Amid Policy Shifts
As support for Bitcoin swells, the asset remains firm at $105,000. Bitcoin proponent Max Keiser, argues that the “Beautiful Bill” could be bullish for crypto.
His belief is that such government actions will accelerate Bitcoin adoption. With former President Donald Trump unexpectedly backing Senator Elizabeth Warren’s proposal to eliminate the debt ceiling entirely, uncertainty looms.
Related: Bitcoin Expert Samson Mow Corrects Musk’s “Bitcoin-Style Encryption” Claim for XChat
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