The United States of America is on the brink of insolvency, according to the world’s wealthiest individual.
On the social media platform X, Tesla CEO Elon Musk posted a picture that illustrates the devaluation of the US dollar into the Zimbabwean dollar, a currency that has experienced rapid depreciation as a result of excessive money creation.
The country’s central bank was issuing notes to the extent of $100 trillion prior to the currency collapse in 2009, during which time the price of a loaf of bread reached $300 billion. Musk states, “What is the status of dollar value destruction? you may inquire.”
As he retweets a story that reports that the United States government is allocating 76% of all personal income tax collected to pay off the interest of its nearly $35 trillion debt, Elon Musk expresses an extremely adverse sentiment toward the US dollar.
“By the way, America is on the brink of bankruptcy.” Additionally, Musk recently implemented a profile photo on X that featured laser eyes, a trend that originated in 2022 to demonstrate his advocacy for Bitcoin (BTC).
The billionaire has consistently advocated for Bitcoin. Tesla currently possesses 9,720 BTC, which is valued at over $640 million, according to data.
Musk declared in 2022 that his technological enterprises were experiencing inflationary pressures. “In recent months, Tesla and SpaceX have experienced substantial inflation pressure in the areas of basic materials and logistics.”
Yesterday, Musk deleted the image of the laser eyes. On the day of writing, Bitcoin is trading at $65,964, representing a 2.13% decrease.
Also Read: Toyota is looking into how blockchain could be used in the car business
Wallets