Key Takeaways
- Brian Armstrong warned Bitcoin could replace the dollar if U.S. debt continues rising.
- Elon Musk attacked 215 Republicans over their support for a massive spending bill.
- U.S. national debt has reached $36.9 trillion, with interest payments nearing $1 trillion per year.
Coinbase CEO Brian Armstrong has warned that continued U.S. deficit spending could lead to Bitcoin replacing the U.S. dollar as the world’s reserve currency.
Armstrong wrote on X:
If the electorate doesn’t hold Congress accountable… Bitcoin is going to take over as reserve currency.
He made it clear that a strong America is also vital for global stability.
If the electorate doesn't hold congress accountable to reducing the deficit, and start paying down the debt, Bitcoin is going to take over as reserve currency.
— Brian Armstrong (@brian_armstrong) June 4, 2025
I love Bitcoin, but a strong America is also super important for the world. We need to get our finances under control. https://t.co/aeBE7pUuHo
Rising U.S. National Debt
The post came in response to a chart from World of Statistics showing the U.S. national debt rising from $5.7 trillion in 2000 to $36.9 trillion in 2025—a sixfold increase in 25 years.
Musk’s critique of government spending
The remark ignited widespread discussion.
Elon Musk joined the debate, stating:
Interest payments already consume 25% of all government revenue.
He warned that if current spending continues…
… there will only be money for interest payments and nothing else.
Musk called a recent GOP-backed spending bill a “disgusting abomination” and urged voters to remove the 215 Republicans who supported it:
In November next year, we fire all politicians who betrayed the American people.
Interest payments already consume 25% of all government revenue.
— Elon Musk (@elonmusk) June 4, 2025
If the massive deficit spending continues, there will only be money for interest payments and nothing else! No social security, no medical, no defense … nothing. https://t.co/UKp4HYdKRt
Future projections and Bitcoin’s role
The Congressional Budget Office projects interest on federal debt to hit $1 trillion this year, potentially doubling by the 2030s.
Debate on Bitcoin as a reserve currency
While Armstrong warned of a Bitcoin reserve currency scenario, some, like influencer Wendy O, pushed back, citing Bitcoin’s volatility:
Bitcoin will never be a reserve currency… but it will be desired.
Institutional interest in Bitcoin
Still, institutional interest continues to climb, with Bitcoin trading over $100,000 and ETFs widely accessible.
Armstrong’s warning reflects growing concerns about fiscal mismanagement and the future of the U.S. monetary system.
