Billionaire tycoon Elon Musk has asserted that The US is on verge of bankruptcy. Warning at a cabinet meeting at the White House on 25 February, Musk said: “If we don’t take corrective measures, America will go bankrupt.” He said that this had led to backlash, even receiving death threats. His fears are similar to those of Robert Kiyosaki, the famous author of Rich Dad Poor Dad, who attributes America’s financial troubles to its monetary system.
Wild Price Swings Of Bitcoin
On 27 February, the price of bitcoin crashed 22% to $85,000 from an all-time high of $109,114 on 20 January. The slump extended into Friday’s Asian trading session, with the cryptocurrency hitting $79,525.88, its lowest level since November. Other digital assets, including Ether, Solana and XRP, also took large hits.
“Given the macro environment, it’s not surprising to see we are where we are.” Stefan von Haenisch, director of over-the-counter trading with the crypto custody firm Bitgo, told Bloomberg. Investors are looking a safer assets in times of economic uncertainty and it has hit the market confidence.
Trump’s Policies Stir Market Uncertainty
The wider downturn in digital assets follows US President Donald Trump’s continued punishment of countries with aggressive trade policies. He recently announced that a 25% tariff on Canada and Mexico will go into effect on 4 March, with a further 10% charge on Chinese imports to follow. But concerns about inflation and economic instability have since caused a reversal. At a time when business figures such as Musk and Kiyosaki are issuing warnings, and the economic playing field is so unpredictable, investors find themselves facing uncertain times. While Bitcoin is controversial, its volatility reveals underlying fears of the global financial system.
