Breaking News: Tesla Billionaire Elon Musk Declares ‘Financial Emergency’ As $35.7 Trillion ‘Debt Bomb’ Primes A Bitcoin Price Boom To Rival Gold…see more

“Just the interest payments on the debt are 23% of all federal tax revenue,” Musk said during a Trump campaign rally, later calling the situation a “financial emergency” on X. “The interest payments now exceed the Defense Department budget, which is $1 trillion a year. That’s a lot of money.”

The bitcoin price has returned to just below its all-time high of $70,000 per bitcoin this year, rocketing higher along with the gold price, as investors bet higher interest rates combined with a huge increase in deficits will create a feedback loop, forcing governments to print more money.

U.S. national debt has skyrocketed in recent years, crossing the $34 trillion mark at the beginning of 2024, largely due to Covid and lockdown stimulus measures that sent inflation spiraling out of control and forced the Federal Reserve to hike interest rates at a historical clip.