According to a report from the Office of Government Efficiency (DOGE), a new agency created under President-elect Donald Trump, the US financial situation is dire.
DOGE points out that the US government has spent $6.16 trillion but will only collect $4.47 trillion in 2023. Billionaire Elon Musk shared: "America is rapidly moving towards bankruptcy."
According to statistics, the total US national debt has skyrocketed in recent years, surpassing the threshold of 34 trillion USD in early 2024, mainly due to economic stimulus packages during the COVID-19 period causing inflation to spiral out of control, forcing the Federal Reserve (Fed) to raise interest rates at record levels.
After warning repeatedly about the possibility of a national bankruptcy, Elon Musk predicted it could happen "super fast" and continued to call for restraint on the country's ever-increasing spending despite the US surpassing the $35 trillion mark.
The creation of the Office of Government Efficiency (DOGE) is part of Elon Musk's efforts to combat excessive US spending. The billionaire believes that the agency could cut $2 trillion from total US spending.
On the X platform, Elon Musk joked that he could "fix" the problem by creating an agency named after a cryptocurrency, most likely Dogecoin - the technology billionaire's favorite cryptocurrency and accepted as a means of payment at Tesla.
DOGE also repeatedly mentioned Dogecoin, a direct rival to Bitcoin. The price of Dogecoin has tripled in the past month thanks to Musk's support.
Previously, President-elect Donald Trump floated the idea of using Bitcoin to “pay off the $35 trillion debt.”
In July 2024, Donald Trump pledged to create a “national strategic reserve of Bitcoin” and predicted that Bitcoin could surpass gold’s $16 trillion market capitalization during an event at the Bitcoin 2024 conference.
In Vietnam, representatives of the State Bank have repeatedly sent out the message: Bitcoin and other similar virtual currencies are not legal currencies and payment methods in Vietnam. The issuance, supply, and use of Bitcoin and other similar cryptocurrencies as payment methods are acts that are not in accordance with current laws.
