Tesla Reported Plans to Buy More Bitcoin Amid $40 Trillion U.S. Debt Surge

Bitcoin has recently surged to a record high, fueled by Wall Street's growing acceptance and U.S. President Donald Trump's support, despite concerns about rising national debt due to a controversial Republican-led spending bill. Tesla CEO Elon Musk, while backing Trump’s presidency, has criticized the bill for its massive addition to the national debt, calling it a "disgusting abomination," and warning that if government spending continues unchecked, Bitcoin could supplant the U.S. dollar as the global reserve currency. Prominent XRP advocate John Deaton and others have predicted that Tesla, which already holds over 11,000 Bitcoins, might increase its Bitcoin holdings as a hedge against the inflationary effects of the bill and the weakening dollar. Musk’s recent mention of Bitcoin in relation to his social media platform X’s new encrypted messaging feature has reignited speculation about Bitcoin's potential surge and Tesla’s further investments. Despite some skepticism within the crypto community, the consensus among Musk and crypto advocates is that Bitcoin serves as a critical store of value amid growing fiscal concerns in the U.S. economy. The debate continues as the bill progresses through the Senate, with significant implications for both national debt and the cryptocurrency market.