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06/05 01:50

Will Musk double his Bitcoin investments as US deb

Will Musk double his Bitcoin investments as US debt rises?

Crypto lawyer John Deaton has sparked speculation that Elon Musk and Tesla could expand their Bitcoin holdings, citing rising fiscal risks in the US as a potential motivator.

The comment comes in the wake of a controversial Congressional spending bill that sparked a backlash from Musk, who called it a “ disgusting outrage ” on social media. Deaton responded that he “ wouldn’t be surprised ” if Musk and Tesla saw this as an opportunity to increase their exposure to Bitcoin.

The bill, criticized for its rising costs and debt implications, has reignited concerns about monetary expansion. Deaton described the legislation as a “buy BTC advertisement,” highlighting the appeal of scarce digital assets in contrast to the depreciation of fiat currencies.

Tesla already owns over 11,000 BTC, but Deaton hinted that the automaker could soon increase its position, especially given Musk’s renewed interest in Bitcoin-related technologies. The tech billionaire recently promoted XChat as offering “BTC-level security,” demonstrating his continued affinity for blockchain principles.

Joining the conversation, co-founder Arthur Hayes supported Deaton’s position, warning that uncontrolled government spending is a long-term factor in Bitcoin accumulation.

At the same time, Deaton expressed some caution about the broader BTC investment trend. Responding to Strategy’s new proposal for a 10% yield to fund further purchases of the leading digital asset, he warned that the euphoria surrounding Bitcoin could lead some investors into risky territory. While acknowledging BTC’s long-term value, he expressed concern about the potential for over-optimism among maximalists.

Despite his warnings, the expert revealed that 80% of his own net worth remains in Bitcoin, underscoring both his conviction and the high stakes for those who have invested significantly in the asset.

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