The wealthiest person in the world is warning that the United States of America is about to become insolvent.
Tesla CEO Elon Musk shares an image on the social media platform X showing that the US dollar is devolving into the Zimbabwean dollar – a currency that witnessed rapid devaluation due to excessive money printing.
Before the currency collapsed in 2009, the country’s central bank was issuing notes to the tune of $100 trillion with the price of a loaf of bread hitting $300 billion.
Says Musk,
“Where are we with dollar value destruction, you might ask?”
Elon Musk’s extremely bearish sentiment on the US dollar comes as he retweets a story noting that the US government is allocating 76% of all personal income tax collected just to pay off the interest of its nearly $35 trillion debt.
“America is going bankrupt, by the way.”
Musk also recently used a profile photo on X emblazoned with laser eyes, a trend that emerged in 2022 to show support for Bitcoin (BTC).
The billionaire has long been a vocal supporter of Bitcoin. Data shows that Tesla currently holds 9,720 BTC worth more than $640 million.
In 2022, Musk said that his tech companies were feeling the effects of inflation.
“Tesla and SpaceX are seeing significant recent inflation pressure in raw materials & logistics.”
Musk removed the laser eyes photo yesterday.
At time of writing, Bitcoin is trading for $65,964, a 2.13% decrease on the day.
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: DALLE3
