Coinbase CEO Brian Armstrong says the rising U.S. debt could lead to Bitcoin becoming the world’s new reserve currency. He warned that if Congress does not act soon, the dollar could lose its top spot. Armstrong supports Bitcoin but says keeping America strong is important. He posted online that the country needs to fix its finances or face serious problems.
Right now, the U.S. has a $37 trillion debt. That number is going up. Some lawmakers and analysts believe this debt and the government’s habit of printing more money are causing people to lose trust in the dollar. Some U.S. states, like New Hampshire and Arizona, have started buying and saving Bitcoin. They think Bitcoin can protect their budgets if the value of the dollar keeps falling.
Armstrong’s comments came after House Republicans passed a bill backed by Donald Trump. This bill cuts taxes and boosts military spending. But it also cuts support for things like Medicaid, food programs, and clean energy. Six Nobel Prize-winning economists, including Paul Krugman and Joseph Stiglitz, say the bill will add even more to the debt and make inequality worse. They said the bill could raise the debt by over $3 trillion.
Elon Musk also criticized the bill. He called it a “disgusting abomination” and said it was full of wasteful spending. Musk said it would raise the budget deficit to $2.5 trillion and hurt American families. He warned that the debt is unsustainable and that the government is out of touch.
As the debt rises, more people are paying attention to Bitcoin. Bitcoin was created in 2008 during the last financial crisis. Its supply is limited to 21 million coins. This means no one can print more Bitcoin like governments do with money. Because of this, people see Bitcoin as a hedge against inflation and bad fiscal policy. That’s why some investors and even state governments are starting to buy it.
New Hampshire lawmaker Keith Ammon says that states are not only competing with each other to stockpile Bitcoin, but also racing against the federal government. He believes the government will keep printing money to cover the debt, and that this will make Bitcoin more attractive. He says Bitcoin can help protect state finances from the weakening dollar.
Komodo Platform’s CTO, Kadan Stadelmann, agrees. He says Bitcoin was made for times like this. Traditional currencies like the U.S. dollar lose value when governments borrow too much. Stadelmann says Bitcoin is a safe haven away from that kind of system. If people lose trust in the dollar, they may rush to buy Bitcoin, which could cause a supply crunch.
The U.S. Senate is still deciding what to do with the Trump-backed bill. But critics warn that if it passes, it could speed up global efforts to move away from the dollar. This process is called de-dollarization. Countries and investors around the world may start using other currencies, like Bitcoin, instead of the U.S. dollar for trade and savings.
Bitcoin’s price is rising. As of early June, it trades above $105,000. Ethereum is holding at $2,618. Other major cryptocurrencies like Solana, Dogecoin, Shiba Inu, XRP, BNB, and Cardano are also rising. Traders believe Bitcoin could reach higher levels before the year ends.
On Polymarket, a blockchain-based prediction platform, people are betting big on Bitcoin’s price. The most popular prediction is that Bitcoin will reach $120,000 by the end of 2025. Over $1.1 million has been wagered on that outcome. Another popular bet is for $130,000, followed by $150,000. These bets show growing confidence in Bitcoin’s future.
Some traders have even bigger dreams. A small group is betting that Bitcoin could reach $1 million by year’s end, though most think that’s unlikely. Only $897,000 has been placed on that target, showing just 3% odds of success. Bears, or traders who expect prices to fall, are even fewer. Only $279,000 has been bet on Bitcoin dropping to $20,000, with just 4% odds.
Bitcoin believers like Michael Saylor and Jack Dorsey think the price will go much higher over time. Saylor, the head of MicroStrategy, believes Bitcoin could reach $13 million in the next 21 years. His theory is based on Bitcoin’s limited supply and growing demand from investors and governments. He believes Bitcoin will take over a large part of the world’s capital markets.
Jack Dorsey, the founder of Twitter and CEO of Block, also believes in Bitcoin’s future. He says Bitcoin’s total market value could hit $20 trillion and the price could go beyond $1 million by 2030. Dorsey says that people working with or using Bitcoin are making the network stronger, which pushes the price up.
Block, his company, puts 10% of profit from Bitcoin-related products into Bitcoin every month. The company is also building a Bitcoin wallet and a mining system. Dorsey believes the internet needs a native currency, and he says Bitcoin is that currency. He thinks it’s only a matter of time before that happens.
As the U.S. keeps borrowing and printing money, more people are looking for safer options. Bitcoin’s fixed supply and resistance to inflation make it a top choice. Some experts believe this shift could mark the end of the dollar’s role as the world’s reserve currency. If the U.S. does not get its debt under control, Bitcoin might take its place.