Following August inflation data, the Federal Reserve is expected to cut interest rates, which has already boosted Bitcoin and gold prices, with gold reaching an inflation-adjusted high since 1980, highlighting concerns over economic stability.

Musk's comments echo past ideas floated by former President Trump, who suggested Bitcoin could be used to pay off the U.S. debt, a notion that continues to link cryptocurrency with broader political and financial strategies.

Musk has expressed support for his 'America Party' adopting Bitcoin, dismissing fiat currencies as hopeless and indicating a shift towards cryptocurrency as a political and economic solution.

Musk's stance on Bitcoin and crypto continues to be intertwined with broader concerns about the U.S. financial system, with past remarks from Trump and ongoing discussions about using digital assets to address national debt.

International figures, including Russia’s top advisor to President Putin, have accused the U.S. of trying to rewrite the rules of gold and crypto markets, viewing these sectors as potential alternatives to the traditional global currency system.

Musk has criticized the U.S. government as 'basically unfixable' and shared his views on social media, emphasizing the severity of the country's fiscal problems.

Elon Musk has repeatedly warned that if the U.S. fails to manage its growing deficit, Bitcoin could potentially replace the dollar as the world's reserve currency, criticizing recent government spending measures like the Big Beautiful Bill that add trillions to the national debt.

Musk also expressed a bleak outlook on the government's financial management, sharing a clip of his interview where he emphasized the dire economic consequences of the current fiscal trajectory.

During the All In Summit, Musk warned that if AI and robotics do not help solve the national debt crisis, the U.S. economy could face catastrophic consequences, with interest payments surpassing the defense budget.

There is widespread speculation that the U.S. might attempt to 'erase' or reset its enormous $37 trillion debt, with some suggesting that gold and cryptocurrencies could serve as alternatives to the dollar in this effort.